Josh Harris = New Owner!?

[MTK]

If sale goes through, Josh Harris will own the minimum 30 percent of Commanders

The process of Daniel Snyder selling the Washington Commanders is going to take some time, likely because the situation involves Daniel Snyder. If/when the team is sold to Josh Harris, the ownership breakdown has surfaced.

Via Mike Ozanian of Forbes.com (who reported in December that Snyder had multiple offers “well north” of $7 billion, so there’s that), Harris would own 30 percent, the minimum required by league rules.

The group of Harris and 17 limited partners also uses the maximum allowable debt under league rules, a whopping $1.1 billion.

Of the limited partners, billionaire Mitchell Rales will hold 12 percent. Magic Johnson would hold four percent.

At a sale price of $6 billion, Magic will be putting up $240 million. By way of comparison, Jerry Jones paid $150 million for all of the Cowboys in 1989.

[rocnrik]

This whole sale is gonna crash … I’ll be shocked if Snyder even sells the team within years .. now you got others involved with bids and somewhat big question marks about financials … I could very well see this sale being a total crap show of lawyers/lawsuits and Snyder sitting back giving everyone the finger … I don’t trust any of this to ge well ..

[MTK]

Originally Posted by rocnrik

This whole sale is gonna crash … I’ll be shocked if Snyder even sells the team within years .. now you got others involved with bids and somewhat big question marks about financials … I could very well see this sale being a total crap show of lawyers/lawsuits and Snyder sitting back giving everyone the finger … I don’t trust any of this to ge well ..

I get the skepticism to a point, but people have been saying this wouldn't happen since last Fall and here we are on the goal line ready to punch it in. It's going to happen. The Brian Davis bid isn't anything to be taken seriously, it's laughable to think the league would even consider doing business with this guy.

[punch it in]

Originally Posted by MTK

I get the skepticism to a point, but people have been saying this wouldn't happen since last Fall and here we are on the goal line ready to PUNCH IT IN . It's going to happen. The Brian Davis bid isn't anything to be taken seriously, it's laughable to think the league would even consider doing business with this guy.

Agreed. Brian Davis is an absolute joke. Not sure how the guy isn’t in jail, and thanks for the shout out. Lol.

[irish]

Originally Posted by punch it in

Agreed. Brian Davis is an absolute joke. Not sure how the guy isn’t in jail, and thanks for the shout out. Lol.

Just listened to Davis on The Sports Junkies. He sounded like a total shyster. I never heard an interview with more double talk and lingo.

[Schneed10]

Originally Posted by rocnrik

This whole sale is gonna crash … I’ll be shocked if Snyder even sells the team within years .. now you got others involved with bids and somewhat big question marks about financials … I could very well see this sale being a total crap show of lawyers/lawsuits and Snyder sitting back giving everyone the finger … I don’t trust any of this to ge well ..

My guy, stay in your lane, you're overthinking. It's going to go through because:

1) $6B is still a record for the most an organization has ever sold for

2) it didn't sell for more because of two very important and very real reasons:

a) interest rates have increased significantly in the last year, increasing the cost of borrowing by lots. Just like in the housing market, when mortgage rates go up the home price decreases.

b) prices of these franchises have reached levels where there are only 50 people in the world who have enough liquidity just laying around to make the NFL's 30% minimum equity threshold. And people beyond those 50 who have assets they could liquidate, generally don't want to liquidate assets to purchase a franchise. They would rather add to their empire. All this is to say: the NFL's rules for minimum equity threshold are archaic, they were written in a time when franchises sold for a handful of millions and the number of people liquid enough to buy in was a lot higher than 50.

3) Harris has already been vetted by the NFL, presumably this was the structure he almost won with last year when bidding on the Broncos, before the Waltons swooped in with a higher offer.

and finally 4) The owners want Dan Snyder gone and if they can get a fair price rather than a great price, they'll flex on rules because of the ROI they'll reap on having an owner in the Washington market who can bring it back. The entire NFL wants our attendance to go up, our merchandise to sell, and a new stadium. They all stand to pick up returns on seeing Snyder out. Any deal that's good enough is good enough.