The Daniel Snyder era in the NFL is nearing an end as he is reportedly selling the Washington Commanders for a record $6 billion.
The existing league record is $4.65 billion, spent by a group led by Walmart heir Rob Walton to purchase the Denver Broncos last year. Snyder purchased the team for $800 million in 1999.
The potential owner is an ownership group led by Philadelphia 76ers co-owner Josh Harris. Harris is the co-founder of Apollo Global Management, a private equity firm. He was also one of the founders of Harris Blitzer Sports Entertainment.
Harris’ ownership group also includes three-time NBA MVP Magic Johnson and businessman Mitchell Rales, co-founder of the Danaher Corporation. Johnson is also a minority owner of MLB’s Los Angeles Dodgers. They own the NHL’s New Jersey Devils, Crystal Palace Football Team of the English Premier League and the Philadelphia 76ers.
The NFL owners would have to approve the sale and it probably won’t be considered until league meetings at the end of May.
A former member of Harris Blitzer Sports Entertainment will still have a connection with the Commanders. Fanatics CEO Michael Rubin became a minority owner of the Sixers and the group in 2011. He was forced to sell his shares, however, when he established Fanatics Sportsbook last year.
The sportsbook is only in one state, Maryland, where the Commanders Stadium is located. In January, Fanatics Sportsbook and the Commanders announced the two had reached a deal to provide sports betting at FedEx Field. It is the first time a sportsbook has been inside an NFL Stadium.
The facility is 5,000 square feet and features eight betting windows, 21 self-service betting kiosks, two giant LED Video Walls, 38 TV monitors, and a full-service restaurant. It is right next to the team store, also run by Fanatics.
Snyder has been pressured to sell the team after coming under local and federal investigation for alleged financial improprieties and workplace misconduct.
Despite being under scrutiny by law enforcement, Snyder had been looking at relocating the team. The current facility has been in operation since 1997. Snyder had been looking at sites in Virginia and actually acquired the rights to purchase 200 acres in Woodbridge, Virginia, approximately 25 miles from the US Capitol building.
Fanatics Sportsbook would be able to operate if the new ownership group moved the team to Virginia. The state legalized sports betting in April 2020.
