Magic Johnson’s investment group offers dizzying figure to buy NFL team
The Josh Harris/Mitchell Rales investment group, of which NBA legend Earvin ‘Magic’ Johnson is a part, bid $6 billion on Tuesday to acquire the Washington Commanders of the NFL, the professional football league.
Dan Snyder, owner of the Commanders, announced last November his intention to sell the team.
Forbes, a business media outlet, estimates the franchise’s value at $5.6 billion.
Since last year, speculation has been growing about a possible sale of the team from the U.S. capital due to Snyder’s claims of a toxic work culture.
In June of last year, a woman accused the former Redskins owner of sexual assault and harassment on the team plane in 2009, litigation that ended in a $1.6 million settlement.
In July 2021, the NFL fined the franchise $10 million for allegations of sexual misconduct and gender-based violence that happened over a decade within the institution.
In December of last year, the U.S. Congress determined that the Commanders organization covered up sexual misconduct actions for years and Snyder tried to interfere and obstruct investigations into the allegations that were made.
The controvery means that the NFL’s annual owners’ meeting in Phoenix, Arizona, could see pressure put on Snyder to force him to sell the team.
A record amount
If the $6 billion offer from the Josh Harris/Mitchell Rales group is accepted, it would break the record for the sale of a franchise that was set in August 2022 when the group led by Walmart heir Rob Walton bought the Denver Broncos for $4.65 billion.
‘Magic’ Johnson, a member of the Basketball Hall of Fame and co-owner of MLB’s Los Angeles Dodgers, was among the investors, along with businessman Josh Harris, owner of the NBA’s Philadelphia 76ers and the NHL’s New Jersey Devils, who bid for but failed to acquire the Denver Broncos last summer.