The pending $6.05 billion sale of the Washington Commanders by longtime owner Dan Snyder and his family to a group led by investor Josh Harris remains under standard review and will not be voted on next week by NFL owners at the its spring meeting, the league said Thursday.
Jeff Miller, the NFL’s executive vice president of communications, public affairs and policy, confirmed on a conference call with reporters that the approval vote will come later. Team owners will receive an update on the process at their previously scheduled meetings in Minnesota, but no action will be taken.
The sale agreement was finalized last Friday. NFL staff and members of the finance committee will continue to review the details in the meantime. The deal must be approved by three-quarters of the league (at least 24 of the 32 owners) and meet other customary closing conditions.
“Nothing special or out of the usual process like we would with any other transaction,” Miller said.
The deal is the largest for an American professional sports franchise, surpassing the $4.55 billion that Walmart heir Robert Walton paid for the Denver Broncos last year.
Snyder has owned the team since 1999, when he bought his favorite childhood team for $750 million. Even as the pressure mounted, he repeatedly said he would never sell. That changed after multiple NFL and congressional investigations into the club’s labor misconduct and potential financial irregularities. The congressional investigation found that Snyder played a role in a toxic culture.
The Harris group includes Washington-area billionaire Mitchell Rales, Basketball Hall of Famer Magic Johnson and others such as David Blitzer. Harris and Blitzer have owned the NBA’s Philadelphia 76ers since 2011 and the NHL’s New Jersey Devils since 2013.
Report from The Associated Press.
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