$35 Billion+ Worth Company Takes a $106,000,000 Hit Before Millionaires Magic Johnson and Josh Harris Confirm Washington Commanders Purchase

Washington Commanders finally took the first step on Friday in a new chapter for the famed franchise. After 24 years at the helm, former owner Dan Snyder completed the ownership handover this week. The new boss is Philadelphia 76ers owner Josh Harris, and his ownership group comprises some big names. However, Harris had to sacrifice quite a lot to get his hands on the keys to the Commanders.

And it’s not just Josh Harris’ personal $5.8 billion net worth that is taking a hit because of the ongoing transaction to acquire the Commanders. Apollo Global Management, an investment firm worth $36.36 billion, has also taken a whopping $106 million hit, without even being part of the Commanders’ deal.

Josh Harris left Apollo Global Management in hot waters

Billionaire Josh Harris left Apollo Global Management in 2021 after co-founding the private equity firm in 1990. In 2022, the New Jersey Devils’ owner also stepped away from the board position he held. However, all this while, Harris had also been aggressively selling off his shares of Apollo Global Management. According to Bloomberg’s estimate, Harris sold nearly $106 million of his shareholding across nine separate times since April 17. The last chunk of $11.6 million came this Tuesday, days before the finalization of the Commanders’ sale.

The Josh Harris ownership group comprises heavyweights like former Google CEO Eric Schmidt and NBA legend Magic Johnson, among other billionaires and moguls. However, as per NFL rules, the lead owner of the team (Harris) must have a 30% stake in the team. Another NFL rule states that buyers are eligible to borrow a maximum of $1.1 billion for the purchase. That meant that Harris had to cough up an additional $1.4 billion after he borrowed $1.1 billion from his other sporting assets.

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The Harris-Johnson-led group has agreed to pay Snyder $5.8 billion as the deal is closed. The remainder of the $6.05 billion total deal will be paid over the next two years, according to reports from The Athletic. This makes the Washington Commanders the most expensive franchise sale in US Sports history.

The NFL team owners still have to approve the sale

Despite the signed agreement of the sale on Friday, Commanders fans cannot go entirely overboard just yet. This is where the NFL team owners and finance committee play a vital role in the approval of the team sale. 24 of the 32 NFL team owners will have to ratify for the sale to go through. And this is likely to go down at the owners’ meeting later this month in Minneapolis.

This week, the NFL finance committee allegedly raised concerns over the unusually high number of partners in Josh Harris’ ownership group. The rules don’t permit more than 25 partners. There have also been allegations against Dan Snyder of financial fraud and workplace harassment. With the roadblocks gradually subsiding, the 3x Super Bowl-winning franchise and its fans dream of erasing the painful memories of the last 24 years.

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