BREAKING Group led by 76ers co-owner agrees to buy Washington Commanders for $6 billion, AP reports
A group led by Josh Harris and Mitchell Rales that includes Magic Johnson has an agreement in principle to buy the NFL's Washington Commanders from longtime owner Dan Snyder for a North American professional sports team record $6 billion, according to a person with knowledge of the situation.
Once the deal is approved, Harris would own controlling stakes in teams in three of the four major North American pro sports leagues. Rales, co-founder of the Danaher Corporation and a Maryland resident, and Johnson were relatively late additions the group. Rales and Harris grew up in Bethesda in the Washington suburbs and give the team local ownership roots.
Indianapolis Colts owner Jim Irsay in October became the first to suggest there was "merit to remove" Snyder, a nearly unprecedented move that would have also taken a three-quarters majority to happen. Instead, two weeks later, Snyder and wife Tanya hired Bank of America Securities to explore a possible sale of the team.
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