A record-setting $6 billion dollar deal to hand over ownership of the Washington Commanders is one step closer to completion. The NFL has received the terms of the preliminary agreement between Josh Harris and Dan Snyder for control of the team, according to people familiar with the matter.
The league will review the deal and return it to the parties for alteration or, if approved, signatures. At that point, it will be resubmitted to the NFL for final approval from its owners, according to the people, who were given anonymity because the matter is private.
If the deal closes, it will be the highest price ever paid for a sports team, eclipsing the $4.6 billion that Rob Walton paid for the NFL’s Denver Broncos last year. Harris’ group includes billionaire Mitchell Rales and entrepreneur and NBA Hall of Famer Magic Johnson.
The NFL and a spokesperson for Harris both declined comment.
If completed, the sale will end Snyder’s 24-year era running the team, which he purchased in 1999 for $800 million. The franchise has made the playoffs just five times since the 1999 season, and won just one postseason game (2005). In the NFC, only the Detroit Lions have gone longer since their last playoff victory. The Commanders averaged 58,106 fans at home last season, the lowest total in the NFL.
(This story has been updated in the fourth paragraph to note the NFL declined to comment.)