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Philadelphia 76ers owner Josh Harris has reached an agreement to buy the NFL's Washington Commanders from Dan Snyder for a record sale of $6.05 million.
NFL insider Adam Schefter reported that the sale is yet to be finalized, but the league is expected to approve the new ownership in a meeting next month. Approval from the NFL's finance committee and 24 out of the 32 owners is needed to confirm the sale.
Harris was one of the finalists in the Denver Broncos' $4.65 billion sale last year. He lost out to a group led by Rob Walton, who is the heir to the Walmart fortunes. ESPN's John Keim also noted that Canadian billionaire Steve Apostolopoulos is still in the running if a deal can't be finalized.
Dan Snyder bought the Washington franchise back in May 1999 for just $800 million. Snyder also remains under investigation by the NFL for alleged workplace misconduct, sexual misconduct and unlawful financial conduct. He turned over the day-to-
operations to his wife Tanya in 2021.
Who is Josh Harris?
Josh Harris is a billionaire private equity investor who was born in December 1964 at Chevy Chase, Maryland. Harris attended the Wharton School of the University of Pennsylvania and earned his degree in economics in 1986. He graduated summa cum laude and was a member of the college wrestling team.
Harris also has a Masters in Business Administration from Harvard. He started his career as a merger researcher at Drexel Burnham Lambert, an investment bank that went bankrupt in 1990. He was able to leave the company in 1988 and founded Apollo Global Management with Leon Black, Antony Ressler, and Marc Rowan.
The 58-year-old businessman has a reported net worth of around $5.9 billion. Apollo Global Management had a total revenue of $10.9 billion last year. He is married to Marjorie Harris and they have three sons and two daughters together.
What other sports teams does Josh Harris own?
Josh Harris first became involved in sports teams when he led the group, alongside David S. Biltzer, in 2011 when they bought the Philadelphia 76ers for $280 million. Harris and Biltzer then bought the NHL's New Jersey Devils for $320 million in 2013.
Harris also has an 18% stake with the English Premier League club Crystal Palace. He even owns the Delaware Blue Coats in the NBA G League, the Utica Comets in the American Hockey League and the Dignitas of New Meta Entertainment, an esports team.
The billionaire is also a minority owner of the Pittsburgh Steelers. If the sale of the Washington Commanders pushes through, Harris will have to give up his stake in Pittsburgh.
