Tag: Josh Harris

Feb 15, 2022; Camden, NJ, USA; Philadelphia 76ers guard James Harden (1) and owner Josh Harris (L) pose for a photo after speaking with the media at Philadelphia 76ers Training Complex. Mandatory Credit: Bill Streicher-USA TODAY Sports

Report: D.C. billionaire joins Josh Harris in bid to buy Commanders

Posted on | by Field Level Media

Washington D.C. billionaire businessman Mitchell Rales is teaming with fellow billionaire Josh Harris in a bid to buy the Washington Commanders, ESPN reported Thursday.

Rales and Harris reportedly have a combined net worth of 11.8 billion.

Commanders owner Daniel Snyder reportedly is looking to fetch $7 billion for the team. In August, Forbes valued the Commanders at $5.6 billion, sixth among the NFL’s 32 teams. Snyder also owns FedEx Field and the 264-acre property that surrounds it, plus the 150-acre team headquarters in Ashburn, Va.

Harris is the principal owner of the New Jersey Devils and Philadelphia 76ers and is the general partner of Crystal Palace of the English Premier League.

Rales, 67, is the founder of Danaher Corp.

Dan and Tanya Snyder hired Bank of America Securities to help with a potential sale of the team in November amid myriad investigations into alleged financial improprieties and rampant sexual harassment under Snyder’s watch.

Harris and Rales are in competition with Houston Rockets owner Tilman Fertita, who reportedly submitted a $5.5 billion bid to buy the Commanders last month.

Amazon founder and Washington Post owner Jeff Bezos reportedly hired an investment firm to explore the possibility of bidding on the Commanders. A subsequent report, however, said Snyder barred Bezos from placing a bid.

–Field Level Media

February 20, 2022; Cleveland, Ohio, USA; NBA great Magic Johnson is honored for being selected to the NBA 75th Anniversary Team during halftime in the 2022 NBA All-Star Game at Rocket Mortgage FieldHouse. Mandatory Credit: Kyle Terada-USA TODAY Sports

Report: Magic Johnson joins group bidding for Broncos

Posted on | by Field Level Media

Magic Johnson reportedly joined the group led by 76ers and Flyers owner Josh Harris bidding to purchase the Denver Broncos.

Sportico reported Thursday that Johnson would be part of Harris’ bid, with up to six others expected to be potential stakeholders.

Johnson, a member of the ownership group of the Los Angeles Dodgers and NBA legend, is one of many recognizable names who’ve decided to enter the high-stakes chase for the NFL franchise, which officially went on the block Feb. 1.

Harris is the controlling owner of the 76ers and the principal and managing owner of the Flyers. Harris co-founded Apollo Global Management, a worldwide investment firm, and is a general partner of English Premier League club Crystal Palace. In July 2021, his net worth was estimated at more than $7.5 billion by Bloomberg.

The competition is expected to be fierce to purchase the Broncos from the Pat Bowlen Family estate.

At the annual NFL meetings on March 26, Broncos president and CEO Joe Ellis said a new owner could be in place by the start of the season in September. While he couldn’t reveal names of any potential suitors, he said there was “really a significant amount of interest” and “a number of” very qualified buyers.

S. Robson “Rob” Walton is a frontrunner to buy the Broncos. Walton, 77, is the oldest son of Walmart founder Sam Walton and worth $70.8 billion, Forbes said. That net worth makes him the 19th-richest person in the world, per the publication.

In its annual valuation of NFL teams, Forbes in 2021 set the value of the Broncos at $3.75 billion, though the sale price is expected to exceed that amount.

–Field Level Media