Tag: Magic Johnson

Jan 1, 2023; Landover, Maryland, USA; Washington Commanders helmet on the field before the game against the Cleveland Browns at FedExField. Mandatory Credit: Brad Mills-USA TODAY Sports

Report: Commanders to be sold for record $6B to Josh Harris group

Posted on | by Field Level Media

The group led by Josh Harris has reached an agreement in principle to purchase the Washington Commanders for a U.S. sports franchise record $6 billion, Sportico reported on Thursday.

Per Sportico, Commanders owner Dan Snyder and the Harris group — which includes billionaire Mitchell Rales and NBA legend Earvin “Magic” Johnson — are hoping to complete the contract in the coming days. Harris is the principal owner of the Philadelphia 76ers and New Jersey Devils.

ESPN reported last month that Snyder received a pair of $6 billion offers, with the other coming from Canadian billionaire Steve Apostolopoulos. Amazon founder Jeff Bezos, who was rumored to be in the mix, did not submit an offer, multiple media outlets reported.

The price tag of $6 billion smashes the previous record sale for a U.S. sports franchise, set last August after Walmart heir Rob Walton purchased the Denver Broncos for $4.65 billion.

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.

Houston Rockets owner Tilman Fertitta was also in the mix to purchase the club Snyder has owned since 1999.

“I’ll be flat-out honest,” Fertitta told CNBC on Thursday. “I made a bid on the Washington Commanders for $5.6 billion. That’s the value that Forbes had them at, and at some point you’ve got to draw a line in the sand on everything and that’s where we are. If they can get somebody to pay them more than that, good luck to them. … I don’t think $6 billion is the right number.”

Harris and Rales have net worths of $5.8 and $5.5 billion, respectively, according to Forbes.

–Field Level Media

Jun 2, 2022; San Francisco, California, USA; ESPN analyst Magic Johnson before game one of the 2022 NBA Finals between the Golden State Warriors and the Boston Celtics at Chase Center. Mandatory Credit: Darren Yamashita-USA TODAY Sports

Report: Magic Johnson joins Josh Harris’ bid for Commanders

Posted on | by Field Level Media

Magic Johnson is joining billionaire NBA and NHL team owner Josh Harris’ bid to purchase the NFL’s Washington Commanders, Sportico reported Monday.

Harris also welcomed Johnson into the fold last season when he made an unsuccessful bid to buy the Denver Broncos.

Commanders owner Daniel Snyder, long embroiled in several controversies and accusations of an abusive work environment and financial improprieties, is looking to fetch $7 billion in a potential sale of the team, Front Office Sports reported last month.

Johnson, the 63-year-old NBA legend and former Los Angeles Lakers part-owner, is a member of the ownership group of the Los Angeles Dodgers and is said to bring “both money and expertise” to the table for Harris’ bid.

ESPN reported this month that Washington, D.C., billionaire Mitchell Rales joined Harris’ bid as well.

Harris is the principal owner of the Philadelphia 76ers and New Jersey Devils and is the general partner of Crystal Palace of the English Premier League in soccer. Rales is the founder of Danaher Corp.

Snyder reportedly has barred Amazon founder and Washington Post owner Jeff Bezos from placing a bid on the Commanders. That could clear a path for Harris’ group of investors.

Harris lost out to Walmart heir S. Robson “Rob” Walton, like Bezos one of the richest people in the world, in the race to buy the Broncos last year.

–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