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One of the big stories that broke out on Wednesday was a new potential buyer for the Washington Commanders. Steve Apostolopoulos is interested in becoming the new owner of the franchise, taking over from Dan Snyder after 24 years of a less-than-happy tenure for Snyder.
Apostolopoulos is a native of Toronto and the founder of Six Ventures Inc., a private equity venture fund. He attended Harvard and is one of the three known bidders for the Commanders' ownership. Two other groups, one led by Josh Harris and the other by Houston Rockets owner Tilman Fertitta, have also bid for Washington.
Apostolopoulos has a net worth of $3.9 billion, according to a list of the richest Canadians on the website Canadian Business. Steve's late father, Andreas Apostolopoulos, bought the Pontiac Silverdome in 2009. The stadium was the home of the Detroit Lions in 2001. Steve Apostolopoulos is also the managing director of Triple Group of Companies, a Toronto-based real estate firm.
According to reports, the Snyder family is looking to sell the franchise for $7 billion. The team has been put up for sale since November and they have already cleared their belongings from team headquarters. Forbes estimates the Commanders' value at $5.6 billion.
Why are the Washington Commanders for sale?
Nobody can take Dan Snyder anymore. Not even the NFL. Snyder has been a bad owner. But things got serious over the last two years as Congress got involved in some of the accusations regarding malpractice in the franchise's ownership. There have been accusations of misleading financial reports that may have taken money away from the league.
The lack of on-field success has been a problem for the fans for a long time, but once Snyder messed up with other owners' money, things started to get serious about getting him removed. The league launched a huge investigation into an entire decade of malpractice during his ownership.
The Commanders are for sale because Washington became a toxic franchise during his ownership and everyone—fans, owners, and probably even Snyder himself—agrees that there's no point in continuing anymore. His two-and-a-half decades of ownership were a complete failure and his presence will only hurt the team
