Magic Johnson on April 14, 2022, at Regency Village Theatre in Los Angeles. (Photo by Richard Shotwell/Invision/AP, File)
It looks like the rumors were true about Magic Johnson looking to become one of the new owners of the Washington Commanders National Football League.
According to sources, Johnson is among a group of investors who will put up a whopping $6 billion for the team. The group is led by private equity investor Josh Harris and businessman Mitchell Rales, founder of Danaher Corporation. The group reportedly 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, The Associated Press reported.
A source shared the information with the AP on condition of anonymity on April 13 because the deal hasn’t been finalized.
Harris and David Blitzer have owned the NBA’s Philadelphia 76ers since 2011 and the NHL’s New Jersey Devils since 2013.
This price for the Commanders topped the previous record of $4.65 billion set when Walmart heir Rob Walton’s group bought the Denver Broncos in 2022. Basketball Hall of Famer Johnson also owns part of Major League Baseball’s Los Angeles Dodgers and also part of Harris’ bid for the Broncos.
The sale of the Commanders is pending the execution of a contract and then approval from the rest of the league’s owners. It would take 24 of 32 votes to pass, AP reported.
Canadian billionaire Steve Apostolopoulos is also leading a second bid for the team. ESPN reported that the Apostolopoulos-led group’s bid also meets the $6 billion asking price. Because the Harris deal is not exclusive, Apostolopoulos believes he is still in contention, a source told The Athletic.
W are the potential buyers willing to pay so much? The price includes a tax benefit that buyers to depreciate over 15 years the price they paid, The Athletic reported.
Magic Johnson arrives at the premiere of “They Call Me Magic” on April 14, 2022, at Regency Village Theatre in Los Angeles. 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. The person spoke to The Associated Press on condition of anonymity, April 13, 2023, because the deal had not been announced. (Photo by Richard Shotwell/Invision/AP, File)
