Despite $6.5 Billion Hope From Magic Johnson and Co, Mighty Bullet Hits Washington Commanders Shocking Sale

Once again, with another twist in the tale, there is a holdup in the sale of the Washington Commanders. Owner Dan Snyder can’t seem to wash his hands off the NFL franchise after meeting dozens of potential suitors, including Washington-based Amazon co-founder Jeff Bezos. However, the deal that looked most likely to materialize over the past few months has been with the Josh Harris-Magic Johnson-led ownership group. Sadly, that too met an unfortunate hiccup this week.

The NFL’s eight-member finance committee came out with some grim news for Commanders fans after taking their first detailed look at the Harris-Johnson-led $6.05 billion bid. According to the Washington Post, the situation looked concerning. And it’s not just Snyder’s past allegations of misdoing that are obstructing the sale. There were a few problems with the ownership core as well.

Washington Commanders sale hits a major roadblock

Dan Snyder and his wife Tanya announced the sale of the Washington football franchise after 24 years of being in charge. During this time, Washington went through the worst patch of gridiron form ever. After three Lombardis before Snyder took over in 1999, the franchise has failed to make it past the divisional round of the playoffs in the last 24 years. Add to that the various allegations of financial fraud and workplace harassment during his tenure, and the fans can’t wait for a new chapter to begin. That was supposed to be Philadelphia 76ers and New Jersey Devils owner, Josh Harris. Harris reached a preliminary agreement with Snyder’s team last month for $6.05 billion. Well, that transaction has been put on hold.

On Wednesday, the Finance Committee raised concerns over the “unusually large number of limited partners” in Harris’ ownership group.

According to NFL rules, ownership groups are allowed to have a maximum of 25 partners. Whether Harris’ group exceeds that number is uncertain. For now, the public partners include former Google CEO Eric Schmidt, beer billionaire Alejandro Santo Domingo, real estate mogul Mitchell Morgan, investor Mitchell Rales, and Lakers legend and NBA Hall of Famer Magic Johnson.

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The deal was supposed to go through during the owners’ May meeting in Minneapolis. However, that will probably have to wait till the team owners meet again in October. In the meantime, the NFL can hold a special meeting to address the matter.

What are the other league rules that play a role here?

Washington is struggling. It’s obvious not only in this ownership exchange but also in the franchise’s recent desperate attempts to lure in retired Colts QB Andrew Luck. However, that’s not Josh Harris’ primary concern right now. For now, that would be to make an impression on the finance committee. Wednesday’s meeting in Manhattan was the first of the entire vetting process. Usually, the finance committee always hands in their recommendations on the proposed deal before the team owners vote on it.

24 of the 32 franchise owners would have to ratify for the deal to go through. Harris’ group, Snyder’s team, and the NFL have all declined to comment on the recent developments. Finance committee chairperson Clark Hunt (Kansas City Chiefs CEO) diverted all questions on the deal towards Commissioner Roger Goodell. Will Josh Harris and Co seal the deal soon or will a new bidder emerge in this race to own the Commanders?

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