Dan and Tanya Snyder agreed to sell the Washington Commanders franchise to a group led by Josh Harris on Friday, according to a statement from from the team and the investment group.
The group also includes NBA legend Magic Johnson as well as Mitchell Rales, the billionaire co-founder of conglomerate Danaher.
The agreement is still subject to NFL approval, the statement said. The Wall Street Journal reported the deal is worth about $6 billion.
“We look forward to the prompt completion of this transaction and to rooting for Josh and the team in the coming years,” a statement from the Snyders said.
Harris, who said he grew up in nearby Chevy Chase, Maryland, is also the majority owner of the NBA Philadelphia 76ers and co-owns the NHL’s New Jersey Devils.
Harris’ ownership groups include Johnson and billionaire Mitch Rales, Harris’ longtime sports business partner.
“We look forward to running a world-class organization and making significant investments on and off the field to achieve excellence and have a lasting and positive impact on the community,” Harris said in a statement on behalf of the ownership group.
Snyder first purchased the team, which was then known as the Washington Redskins, for a reported $750 million in 1999. It became the Commanders’ last year after long criticism for the name.
The decision to sell the Commanders came after a lawsuit filed against Snyder, the team and the NFL alleged they colluded to deceive DC residents about an NFL investigation into the team’s toxic workplace culture and allegations of sexual assault. Snyder was also the subject of a 2022 House Oversight Committee panel in which he was accused of fostering a “toxic workplace” and then “conducted a shadow investigation to target his accusers, pin the blame on others, and influence the NFL’s own internal review.”
Additionally, the NFL fined the Commanders $10 million and made Snyder hand control of daily operations over to his wife after an internal investigation in 2021. Snyder has denied the accusations.
Last year, Snyder announced he was considering selling the team.
Forbes had previously estimated the value of the Commanders at $5.6 billion, making it the sixth most valuable football team, after the Dallas Cowboys, the New England Patriots, the Los Angeles Rams, the New York Giants and the Chicago Bears. The only franchises from other sports worth more than that $5.6 billion estimated value are the New York Yankees and New York Knicks.