The Josh Harris group sent its bid to the NFL to buy the Washington Commanders so the league can review the offer and provide necessary feedback, a source confirmed to ESPN.
Harris’ group, which includes billionaire Mitchell Rales and NBA Hall of Famer Magic Johnson, reached an agreement in principle with Commander owners Dan and Tanya Snyder on Thursday to buy the team for $6.05 billion, fully financed.
However, the deal still hasn’t been signed, which is the next significant step in the process. The offer was considered non-exclusive, leaving the door ajar for another group to perhaps win the bidding. Canadian billionaire Steve Apostolopoulos, who also submitted an offer, remains a contender to purchase the Commanders.
It’s conceivable, one source said, that Apostolopoulos could ask for an informal review of his offer as well. Sportico first reported that Harris’ group had sent its bid to the league.
If the league approves the terms of Harris’ offer, both sides would need to sign it and then submit it to the NFL’s eight-member finance committee for an official review. The committee would then study the offer and vet all the potential partners in any deal before recommending to the other owners whether or not to approve the deal.
The earliest the NFL could vote on a new owner would be May 22-24 in Minneapolis. Once it goes to the other owners, three-quarters of them would have to vote in favor.
Snyder, who has owned the team since 1999, announced in November that the team was for sale.
Source: www.espn.com