Former Lakers superstar Magic Johnson is leading an investment group that has set its sights on acquiring the Washington Commanders, an NFL team that could become the latest addition to Johnson’s already impressive “sport-folio.” The deal, which is still subject to approval by the NFL’s 31 other owners, would also include the team’s home stadium, FedEx Field, and their practice facilities.
The Commanders are currently owned by Dan Snyder, who is under pressure from the NFL to sell the team amid allegations of sexual harassment and a toxic work environment. The purchase price of $6 billion would mark a record-breaking sale for a sports franchise, surpassing the $4.65 billion sale of the NFL’s Denver Broncos last year.
Johnson’s investment group includes Wall Street heavyweight Josh Harris and defense billionaire Mitchell Rales, who are both well-known figures in the sports business world. Harris also owns the NBA’s Philadelphia 76ers and NHL’s New Jersey Devils.
While the deal is not yet final, Harris is reportedly optimistic that his group will prevail over a rival bidder led by Canadian billionaire Steve Apostolopoulos and his family. ESPN reports that a “head-to-head race” is underway, and it remains to be seen which group will ultimately acquire the team.
For Johnson, the acquisition of the Commanders would add to his already extensive list of sports investments, which include ownership stakes in the L.A. Dodgers, L.A. Sparks of the WNBA, and the Los Angeles Football Club of Major League Soccer. Johnson’s business interests extend beyond sports as well, with holdings in theaters, Starbucks franchises, and financial services company EquiTrust, among others.
Pending approval by the NFL’s other owners, the sale of the Commanders could take place as early as the league’s next meetings, which are scheduled for May 22-24 in Minneapolis.
