The NFL finance committee reportedly raised concerns Wednesday about billionaire Josh Harris’ tentative agreement to purchase the Washington Commanders from owner Dan Snyder, which could prevent the league from approving the deal later this month.
The Washington Post reported that members of the committee had questions about the complexity of Harris’ deal as the $6.05 billion bid includes “an unusually large number of limited partners.” Harris is the lead investor in a group that includes Maryland billionaire Mitchell Rales, NBA legend Magic Johnson and 15 other limited partners. Forbes reported last month that Harris’ group has 17 limited partners, with Harris set to own the minimum 30% of the franchise required to be the lead partner.
The concerns, the Post reported, do not mean that Harris’ agreement for the Commanders will be rejected. But they likely delay the process and dim the possibility of a vote being taken when NFL owners meet May 22-23 in Minneapolis. Before the committee met, there was optimism that the league could approve Harris at the Minneapolis meetings — even on a conditional basis as Harris’ deal with Snyder is not official.
Harris and Snyder reached an agreement in principle last month for a record $6.05 billion. That deal, however, was nonexclusive, meaning that other bidders — such as Canadian billionaire Steve Apostolopoulos — could swoop in and make an offer that trumps Harris’ bid.
The Post reported other league sources still “remain confident” that a deal with Harris will ultimately go through, even if the process is delayed.
If no vote is taken at this month’s meetings, owners can call and gather for a special meeting later in the summer as they did last August to approve Rob Walton’s purchase of the Denver Broncos. If no vote happens this summer, owners are scheduled to meet again next October for fall meetings.
League sources told The Post that Snyder’s dealings with the NFL present more of an obstacle than issues with Harris. Snyder and the Commanders are the subject of multiple investigations as probes are being conducted by the league, the U.S. attorney’s office in Eastern District of Virginia and the Virginia attorney general.
• Matthew Paras can be reached at mparas@washingtontimes.com.
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