Included in the 'nonexclusive' agreement for the sale of the Commanders was a provision indemnifying Dan Snyder against future litigation tied to his tenure. KaplanSportsBiz on the details still to be ironed out.
That it’s strange to have a nonexclusive deal — as it really isn’t technically a deal — should come as no surprise for the topsy-turvy Commanders process, which began in November with a statement that the team had hired an investment bank to consider strategic options. A parlor game then ensued, debating if Snyder really intended to sell or whether this was all a ruse to let the passions surrounding his troubled ownership recede.
Odds are, despite the nonexclusive status, the buyer will be Harris. His is by far the best-funded group with local billionaire Mitchell Rales putting in over $1 billion with scores of other investors buttressing the deal. As Harris can borrow $1.1 billion under league rules to finance the deal, that leaves $4.9 billion, and at a minimum Harris must put in 30 percent, or nearly $1.5 billion .
But he and his fellow investors face weeks if not months of personal and financial vetting by the league, likely putting owner approval out of reach at next month’s league meeting.“Each of the investors will have to put together material with their tax returns for a number of years, their financials, their background, they will fill out this form that the NFL provides,” said Marc Ganis, a sports consultant with close ties to the NFL.
“The league will also be spending time going through the purchase and sale agreement. And considering that the league hasn’t been involved in the process as they have been in others, there may be some issues that they want to be addressed in the purchase sale agreement.” Snyder has kept the details of the sale process close to the vest. During last month’s annual owners’ meeting,owner Arthur Blank told reporters that the Commanders’ sale was one of the few times the media may have known more than him, a startling admission. So the league is getting to see some of the terms for the first time with the forwarded proposal, possibly elongating the approval process., not to mention his control of the Philadelphia 76ers and New Jersey Devils.
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