Magic Johnson-led group agrees to buy NFL’s Washington Commanders for $6B

A group led by Magic Johnson has agreed in principle to buy the Washington Commanders for $6 billion, pending approval from NFL's other 31 owners. This would add an NFL franchise to Johnson's "sport-folio" which includes the L.A. Dodgers and L.A. Sparks. The deal is reportedly expected to include the Commanders' home stadium and practice facilities. The Commanders' $6 billion price tag would mark the highest price ever paid for a sports franchise. A rival bidder, Canadian billionaire Steve Apostolopoulos, is still in the running to acquire the team.

Magic Johnson is part of an investment group that is set to buy the Washington Commanders, according to Sportico. The team’s embattled current owner, Dan Snyder, has reportedly agreed to sell the NFL franchise for a record $6bn to a group led by Wall Street heavyweight Josh Harris, defense billionaire Mitchell Rales, and Johnson.

Harris and Snyder are said to be hoping to execute a contract in the coming days. The $6bn price tag would mark the highest ever paid for a sports franchise, surpassing the $4.65bn sale price for the NFL’s Denver Broncos last year.