MINNEAPOLIS – Washington’s leaders no longer belong to Dan Snyder.
The NFL’s owners voted during a special session Thursday to unanimously approve the sale of the team from the Snyder family to a group led by Josh Harris.
Harris Group pays $6.05 billion, a record amount for a North American sports franchise. Snyder has majority owned Leaders since 1999, and his family became sole owners after he bought out his limited partners two years ago.
“Congratulations to Josh Harris and his incredible group of partners,” NFL Commissioner Roger Goodell said in a statement. “Josh would be a great addition to the NFL. He has a great track record in business, in sports, and in his communities. The diverse group that Josh has brought together is great because of his business acumen and strong ties to Washington and we welcome them to the NFL as well.”
“… I know he has a commitment to winning on the field, but also to running an organization that everyone can be proud of – and making positive contributions to society.”
Harris and Snyder entered into an exclusive agreement on May 12, but the NFL Finance Committee, according to Indianapolis Colts owner Jim Irsay, wanted Harris to adjust his bid to comply with NFL guidelines. Harris could not afford more than $1.1 billion in debt, and the committee wanted him to have more equity in the buyout. The primary owner must put up 30% of the amount.
Bid compliance caused, among other things, a delay in the vote.
The Finance Committee met Harris for the first time on June 7 in New York. Having sounded a warning during the owners’ meetings in May, Irsay was more optimistic after this meeting that the deal would soon be approved.
Harris’ group includes NBA Hall of Famer Magic Johnson and billionaire Mitchell Rales, who, like Harris, is from Maryland. There are 20 limited partners in the Harris Group, under the NFL’s limit of 25. Each partner must be screened for financial and security reasons.
“This is truly the biggest achievement of my career and a historic moment for the entire black community,” Johnson posted on Twitter Thursday. “Talk about God’s perfect timing. This was the right organization for me to be a part of given its global appeal, winning history, diverse fan base and DMV community. … I am honored and thrilled to be a Co-Owner of the Commanders Franchise!”
Harris – along with David Blitzer as part of the Harris-Blitzer Sports Entertainment group – owns the NBA’s Philadelphia 76ers and New Jersey Devils. Harris is also a general partner of Crystal Palace FC in the Premier League and a minority shareholder in Joe Gibbs Racing.
Harris co-founded Apollo Management, an asset management firm, in 1990. He has a net worth of $5.8 billion, according to Forbes.
The takeover of distressed assets unleashed the Harris fortune. This is what he will do in Washington.
Snyder has been the subject of multiple investigations over the past three years, leading to speculation about his future as owner and causing many fans to reduce their association with the franchise. But on October 18, after Irsay told reporters there was an “advantage” to remove Snyder as owner, Snyder issued a statement with his wife, Tanya, saying they would not sell the team.
However, on November 2, the Snyders issued a statement saying in essence that they would consider selling the franchise. It wasn’t clear at the time if they meant some or all of the team, but it soon became clear that it would be a sell-out, based on conversations with people close to the situation. In December, Snyder vacated his practice facility office.
On Thursday, the NFL also fined Snyder $60 million after attorney Mary Jo White revealed her findings after a lengthy investigation of the now-former owner. This investigation began after a review by the House Oversight Committee of workplace misconduct as well as referral to the Federal Trade Commission for alleged financial irregularities by Snyder.
Snyder bought the team in 1999 for $800 million. From 1971 to 1992, the organization appeared in five Super Bowls and won three—with all of those titles occurring in a 10-year span ending in 1991 under former head coach Joe Gibbs.
Under Snyder, Washington had a record of 164-220-2, for a . 427 winning percentage. Only five teams have combined a worse winning percentage in that period. Since 1999, Washington has won the NFC East four times but has had a poor run in the playoffs, going 2-6. The organization’s eight playoff appearances have been fewer than all but three teams in the past 24 years.
The Commanders last won their playoff game in 2005.
It was just as bad off the field, with a number of controversies over the years slowly eroding what were once some of the strongest fan bases in the NFL.
In 2019, Washington ranked 30th in percentage of seats sold and 20th in average attendance per game. Last season, the leaders ranked last in both. The last time Washington finished higher than 20 in terms of percentage of seats sold was 2007 (second), although with a seating capacity of over 90,000, it ranked in the top five in attendance from 2006 to 2014.
In July 2020, The Washington Post first reported several cases of sexual harassment by former employees. The Post and other outlets have also detailed the workplace culture’s deterioration under Snyder. The NFL investigated the allegations and fined the team $10 million in July 2021 for what attorney Beth Wilkinson called a toxic workplace culture.
A month later, The Post reported more allegations, including that a lewd video had been made at Snyder’s request of excerpts from a cheerleader’s photoshoot. Snyder denied the claim.
The House Oversight Committee launched an investigation into the team’s workplace in October 2021. This led to separate investigations by attorneys general of Maryland, Virginia, and the District of Columbia into alleged financial irregularities. The US Attorney’s Office for the Eastern District of Virginia has also launched an investigation into the same cases.
Snyder’s legacy also includes changing the name of the franchise, retiring the original in July 2020 and temporarily moving to the Washington Football Team before settling on the Leaders in February 2022. Snyder had hoped to build a new stadium in the Washington, D.C. area, but several politicians and team officials said no one wanted to make a deal with him.