The NFL Approves the Sale by Dan Snyder of the Commanders to an Investment Group Headed by Josh Harris For a Whooping $6.05 B

 

In May of 1999 Dan Snyder purchased the Washington Redskins along with Jack Kent Cooke Stadium for the then unheard of price of $800 million the highest price for a franchise then paid
Financed it by assuming the stadium debt and borrowed some $ 340 million from Société Générale to join the NFL’s owners’ parade
To lower the company’s debt he later sold 35% to three wealthy investors for some $467 million to reduce his ownership to 65% percent
In 2021 he blocked a sale by the 3 minority investors invoking his right of first refusal and soon into litigation went
A settlement reached in 2021 and the 3 minority owners agreed on $800 million to buy their shares back
Snyder proved to be a financial wizard and financing skills he did not lack
But as a football owner lousy season and postseason records with fans and players in arms
Nitpicks like charging space to be used for tailgates and surveys showing worst team to play for and worst facilities lacking any charm
Add to that the growing outrage over the use of the Redskins name
Snyder could see the handwriting on the wall and knew it was time to leave the game
Hired an investment banker who arranged a deal
The price of which made his initial purchase look like a steal
This Thursday the NFL approved the sale to Josh Harris’ investment group
As Harris promised to the fans his Commanders would a field championship winning troops
At a $6.05 billion purchase price many championships they will need to earn
If the investors have any chance at any sort of return
Harris’ investors should take note that he is not a sports franchise neophyte
He owns the Philadelphia 76’s and the New Jersey Devils Ice Hockey Team so the future of the Commanders under Harris looks bright.

© 7/21/2021 Michael P. Ridley aka The Alaskanpoet