Washington Commanders owner Dan Snyder has agreed in principle to a deal to sell the team to an ownership group that includes Philadelphia 76ers co-owner Josh Harris, Magic Johnson and Mitchell Rales,
The $6.05 billion purchase price is fully funded, Finlay confirmed. The deal is not signed, but an agreement is in place. The deal could still fall apart if a higher bid comes in.
Johnson is the most famous face in the Commanders group, which gets most of its financial backing from billionaire Josh Harris.
It’s a familiar role for Johnson, who also owns minority stakes in baseball’s Dodgers, Major League Soccer’s Los Angeles FC and the WNBA’s Sparks.
Decades after his remarkable career as a brilliant player and leader for the Lakers, Johnson is a valuable teammate in the even more rarefied world of sports high finance.
Once the deal is approved, Harris would own controlling stakes in teams in three of the four major North American pro sports leagues.
He and David Blitzer have owned the NBA’s Philadelphia 76ers since 2011 and the NHL’s New Jersey Devils since 2013.
Harris has owned a piece of the Pittsburgh Steelers, which he needs to sell before getting the Commanders.
The price for the Commanders tops the previous record of $4.65 billion set when Walmart heir Rob Walton’s group bought the Denver Broncos last year.
Johnson, the basketball Hall of Famer who also owns part of Major League Baseball’s Los Angeles Dodgers, was also part of Harris’ bid for the Broncos.
Johnson only joined Harris’ group last month, but his name was in headlines around the world when the agreement was reached.
Beyond his playing riches, Johnson is a wealthy businessman from an impressive career in entertainment, retail ventures and real estate development.
He got into sports ownership in 1994 when Lakers owner Jerry Buss sold a stake to Johnson, who credits Buss with mentoring him in both business and life.
Sports teams typically don’t disclose the ownership percentages in their groups, but Johnson isn’t the majority owner in any of his teams.
While Magic is a significant financial participant, billionaires value Johnson for his expertise in the nuances of such complicated deals – and for serving as a charismatic, familiar persona to put on the transaction for fans and media.
