The guard is changing for the Washington Commanders.
Dan Snyder is nearing a $6 billion sale to a group that includes private equity founder Josh Harris, billionaire titan Mitchell Rales plus NBA legend Magic Johnson, according to multiple reports.
The finalization of a sale would mark the end of a beleaguered tenure for Snyder, who purchased the team in 1999, and has presided over a franchise that in aggregate performed poorly on the field and had one scandal after another within the organization.
The sports business trade publication Sportico first said that Snyder reached an “agreement in principle” with Harris’ group; NFL Media’s Ian Rapoport also reported that Harris “appears to be the choice” while ESPN has cautioned that Canadian billionaire Steve Apostopolous is still in the race.
Who are the reported new Commanders owners?
Who is Josh Harris?
Harris, 58, is also the lead owner of the Philadelphia 76ers and New Jersey Devils.
He presided over the “trust the process” era of the Sixers, in which the team’s strategy under executive Sam Hinkie was that they appeared to be tanking for several years to accumulate high draft picks and cap space.
The Sixers ultimately paired together Joel Embiid and no. 1 overall pick Ben Simmons, and later swapped Simmons for James Harden.
So far, the process has not led to an NBA Finals berth.
Harris, whose net worth is estimated by Bloomberg to be $7.63 billion, co-founded the private equity group Apollo Capital Management.
He left Apollo in 2022.
Who is Mitchell Rales?
Rales, 67, co-founded the conglomerate Danaher Corporation with his brother, Stephen, in 1984.
Mitchell Rales’ net worth is estimated as being $6.83 billion by Bloomberg.
Who is Magic Johnson?
The 63-year-old Johnson is widely regarded as one of the greatest basketball players of all-time.
He played for the Lakers from 1979 through 1991, before having to retire after getting diagnosed with HIV, and made a brief comeback in 1996.
He won five NBA championships, three MVPs, and made 12 All-Star teams.
Johnson has been involved in a number of businesses in his basketball retirement, including movie theaters, restaurant chains, and gyms.
There is not a reliable news report on Johnson’s net worth, but he could easily be worth over a half-billion dollars; in 2010, he sold stakes in the Lakers and 105 Starbucks franchises for a combined $100 million, according to the Los Angeles Times.
