The sale of the NFL’s Washington Commanders from controversial longtime owner Dan Snyder and his family to a group led by investor and sports team owner Josh Harris has moved into the final stages after both sides approved the record $6 billion deal.
The parties involved in the deal announced the agreement in a joint statement on Friday, almost a month after they agreed to the $6.05 billion deal in principle. That total is the most ever for a North American professional sports franchise, surpassing the previous record of $4.55 billion that Walmart heir Rob Walton paid for the Denver Broncos last year.
The deal now needs to be approved by at least three-quarters of the league’s team owners and undergo other customary closing conditions for it to be finalized.
“We are very pleased to have reached an agreement for the sale of the Commanders franchise with Josh Harris, an area native, and his impressive group of partners,” Snyder and his wife Tanya said. “We look forward to the prompt completion of this transaction and to rooting for Josh and the team in the coming years.”
Snyder initially bought the Commanders in 1999 for $750 million. He has faced intense scrutiny in recent years from those around the league and others in the Washington, D.C. area and nationwide following allegations and an investigation that found he created a toxic workplace environment.
Numerous former employees of the team, including cheerleaders, alleged that they faced sexual harassment and bullying from other staff members, which was able to continue under Snyder’s tenure.
Harris also owns the Philadelphia 76ers in the NBA and the New Jersey Devils in the NHL.
“We look forward to the formal approval of our ownership by the NFL in the months ahead and to having the honor to serve as responsible and accountable stewards of the Commanders franchise moving forward,” he said. “We look forward to running a world-class organization and making significant investments on and off the field to achieve excellence and have a lasting and positive impact on the community.”
The group also includes NBA Hall of Famer Magic Johnson, who tweeted that he “could not be more excited” to be a partner in the new ownership group.
“Josh Harris has assembled an amazing group who share a commitment to not only doing great things on the field but to making a real impact in the DMV community,” he said. “I’m so excited to get to work on executing our vision for the Commanders and our loyal fanbase!”
Harris grew up in Chevy Chase, Md., a suburb of Washington.
The Associated Press contributed to this report.