Josh Harris is making some moves to secure his bid to buy the Washington Commanders.
In May, Dan and Tanya Snyder reached an agreement to sell the team to Philadelphia 76ers and New Jersey Devils managing partner Josh Harris for a record $6.05 billion.
Now, as the deal comes into view, Harris — a Maryland native — is set to meet with the league’s finance committee, and he will make any adjustments necessary to get the deal done, sources told the Washington Post.
While the deal is not a foregone conclusion, the newspaper reported that it is getting closer toward the endgame.
“It’s not done yet,” a source told the Washington Post. “It’s not concluded. But it’s headed in that direction. It’s in that 90-percent-plus range now.”
The deal surpasses the purchase of the Denver Broncos for $4.55 billion as the largest North American professional sports franchise sale.
Three-quarters of the 31 owners will need to approve of the sale during a vote that is expected to come later in 2023.
The transaction will include Maryland-based FedEx Field, home to the Commanders since 1997, and the team practice facility in Virginia.
According to the Washington Post, the NFL’s finance committee has issues with the structure of the agreement and that it could be beyond the $1.1 billion debt limit on team purchases.
“It’s not definitely done,” a source told the Washington Post. “But now there’s every reason to believe it will get done. Josh Harris has made the personal commitment to getting it done.”
The group that would be acquiring the club includes Magic Johnson, who is part of groups that bought the Los Angeles Dodgers and WNBA’s Sparks.
“I could not be more excited to be a partner in the proposed new ownership group for the Washington Commanders,” the NBA legend wrote after the agreement.
“Josh Harris has assembled an amazing group who share a commitment to not only doing great things on the field but to making a real impact in the DMV community.”
If Harris and his group get to take over the franchise, they might have to deal with another name change.
On May 18, the Commanders’ trademark application was denied by the US Patent and Trademark Office, a trademark attorney tweeted, because the phrase “Commanders’ Classic” had already been trademarked.
Washington had changed its team name in February 2022 from Washington Football Team after years of controversy surrounding their previous name.