Tag: sale

Feb 2, 2022; Landover, MD, USA; Washington Commanders co-owner Dan Snyder speaks as co-owner Tanya Snyder (L) listens during a press conference revealing the Commanders as the new name for the formerly named Washington Football Team at FedEx Field. Mandatory Credit: Geoff Burke-USA TODAY Sports

Dan Snyder to pay $60 million in wake of Mary Jo White findings

Posted on | by Field Level Media

Dan Snyder will pay the NFL $60 million in fines after an investigation by Mary Jo White found he was complicit in both sexual misconduct and financial improprieties during his time as owner of the Washington Commanders.

The findings of White’s investigation, which began in February 2022, were released Thursday afternoon shortly after NFL team owners approved the $6.05 billion sale of the Commanders to billionaire Josh Harris with a unanimous 32-0 vote.

“We appreciate the diligence, thoroughness and professionalism of Ms. White and her team throughout this process,” NFL commissioner Roger Goodell said in a statement. “We pledged to share her findings publicly and are doing so today.”

White, the former chair of the Securities and Exchange Commission, found evidence that Snyder sexually harassed a former Commanders team employee, Tiffani Johnston. The former cheerleader and marketing manager testified to Congress last year that Snyder put his hand on her thigh and pushed her toward his limo at a work-related dinner.

The league expanded the scope of White’s investigation beyond harassment and workplace culture to financial improprieties in April 2022. A former sales executive for Washington, Jason Friedman, told Congress that Snyder had the team withhold its true amount of shareable revenue meant to be split with other teams.

White’s investigation found that $11 million in revenue was “improperly shielded” from other teams and a “significant portion” of another $44 million in revenue was illicitly moved from shareable to non-shareable accounts.

White’s team interviewed Snyder remotely on June 29 after the unpopular team owner previously declined to be interviewed, the Washington Post reported.

White delivered her findings to team owners Thursday at a hotel in Bloomington, Minn., where the owners met to vote in Harris.

The principal owner of the NBA’s Philadelphia 76ers and NHL’s New Jersey Devils led an investment group that bought the Commanders for a record $6.05 billion.

–Field Level Media

Josh Harris and a group of investors including Magic Johnson could be approved as Commanders' owners by July 20. Mandatory Credit: Bill Streicher-USA TODAY Sports

Reports: Vote on Commanders sale likely next month

Posted on | by Field Level Media

Josh Harris’ bid to purchase the Washington Commanders could be approved before the start of training camp next month.

According to multiple reports, the Commanders cleared the first NFL procedural hurdle with a successful meeting of the league’s finance committee, prompting a scheduled meeting of owners to approve the reported $6.05 billion sale of the franchise from Daniel Snyder.

According to The Athletic, the meeting is scheduled for July 20.

NFL bylaws stipulate 24 of the 32 owners must vote in favor to clear the sale of a majority or full stake in any NFL franchise.

Harris aligned with Magic Johnson, a partial owner of the Los Angeles Dodgers, on the Commanders’ bid to front a group that outbid Amazon founder Jeff Bezos and others.

Harris has multiple sports franchise holdings, including the Philadelphia 76ers and New Jersey Devils. Harris and Johnson led a bid for the Denver Broncos, but the franchise sold to Walton-Penner in 2022.

Snyder’s exit was encouraged by at least one owner — Jim Irsay of the Colts — who said publicly the NFL would consider removing Snyder in the midst of multiple controversies including litigious battles with co-owners, Congressional and judicial inquiries into financial impropriety, sexual harassment and workplace misconduct.

–Field Level Media

Feb 15, 2022; Camden, NJ, USA; Philadelphia 76ers owner Josh Harris looks on as James Harden speaks with the media during a press conference at Philadelphia 76ers Training Complex. Mandatory Credit: Bill Streicher-USA TODAY Sports

Dan Snyder, Josh Harris enter agreement for sale of Commanders

Posted on | by Field Level Media

The long-awaited sale of the Washington Commanders finally is at hand.

Though the transaction is not yet complete, owners Dan and Tanya Snyder “have entered into a purchase and sale agreement” to sell the Commanders to a group led by hedge fund manager Josh Harris, the parties jointly announced Friday.

The reported price tag of $6.05 billion would break the record for the most expensive team purchase in North American sports.

“We are very pleased to have reached an agreement for the sale of the Commanders franchise with Josh Harris, an area native, and his impressive group of partners,” the Snyders said in a statement. “We look forward to the prompt completion of this transaction and to rooting for Josh and the team in the coming years.”

The sale will mark the end of Snyder’s tumultuous and controversial time owning the franchise, which was once considered one of the jewels of the NFL.

ESPN reported earlier Friday that as a condition of sale, Snyder wanted assurances from the league that a full investigative report into his activities as owner would not be made public. It was not immediately clear whether that was agreed upon.

Attorney Mary Jo White conducted an investigation into allegations of both sexual misconduct and financial improprieties under Snyder’s watch, and NFL commissioner Roger Goodell has publicly vowed the report would be made public.

This is the second recent major investigation into Snyder. Only limited portions of the investigative report overseen by attorney Beth Wilkerson were released in July 2021, at which time Snyder was fined $10 million and forced to cede day-to-day control of the team to his wife, Tanya.

While Snyder owned the team, it underwent two name changes — from “Washington Redskins,” using a term widely regarded as a slur toward Native Americans, to “Washington Football Team” to the Commanders, despite Snyder vowing in 2013 that he would never change its name.

The franchise went 164-220-2 and won two playoff games in six berths during Snyder’s ownership. Now, it is set tol begin a new era under Harris, whose Harris Blitzer Sports & Entertainment owns the NBA’s Philadelphia 76ers and NHL’s New Jersey Devils.

The investment group reportedly includes D.C.-area billionaire Mitchell Rales, Colombian financier Alejandro Santo Domingo and Basketball Hall of Famer Earvin “Magic” Johnson.

–Field Level Media

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: Dan Snyder gets $6B offer for Commanders

Posted on | by Field Level Media

Washington Commanders owner Dan Snyder received a $6 billion offer from an investment group led by Josh Harris and Mitchell Rales, ESPN reported Tuesday.

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

The Harris/Rales group, which includes NBA legend Magic Johnson, is one of several potential bidders for the club Snyder has owned since 1999.

Canadian billionaire Steve Apostolopoulos and Houston Rockets owner Tilman Fertitta are also in the mix.

Harris and Rales have net worths of $5.8 and $5.5 billion, respectively, according to Forbes. Harris is the principal owner of the Philadelphia 76ers and New Jersey Devils.

–Field Level Media

Jan 2, 2020; Ashburn, VA, USA; Washington Redskins owner Daniel Snyder and his wife Tanya look on as head coach Ron Rivera speaks during his introductory press conference at Inova Sports Performance Center. Mandatory Credit: Brad Mills-USA TODAY Sports

Report: Commanders sale coming soon, Jeff Bezos sits out for now

Posted on | by Field Level Media

The Washington Commanders could be sold as soon as March, NBC Sports Washington reported Tuesday.

The new league year starts at 4 p.m. on March 15, and the NFL’s annual meeting is at the end of March.

The candidates for new ownership are still unclear, though the Washington Post reported Tuesday that several groups submitted bids before a late December date requested by BofA Securities, the investment bank handling the sale. No candidate reached Daniel Snyder’s $7 billion asking price, the Washington Post reported.

Amazon founder Jeff Bezos, an early favorite among potential candidates, did not submit an official bid, according to multiple reports. That does not eliminate the possibility of Bezos making a bid later.

The Commanders have said that Snyder and his wife Tanya Snyder, the co-CEO, will “consider potential transactions” for the franchise — whether selling all or part of the team.

Multiple reports have said Todd Boehly, another front-runner for ownership, is exiting the bidding. Raised in the Washington suburb of Bethesda, Md., Boehly is the CEO of Eldridge Industries, chairman of Chelsea Football Club and part-owner of the Los Angeles Dodgers (MLB), Lakers (NBA) and Sparks (WNBA).

Josh Harris, co-founder of Apollo Global Management and owner of the NBA’s Philadelphia 76ers and the NHL’s New Jersey Devils, is considered another leading candidate. He was part of a group pursuing the Denver Broncos before they were sold to the Walton-Penner Group.

Spokespersons for Harris, who was raised in Chevy Chase, Md., have repeatedly declined to comment. A Commanders spokesperson had no comment on any potential transaction Tuesday, NBC Sports Washington reported.

–Field Level Media

Jan 2, 2020; Ashburn, VA, USA; Washington Redskins owner Daniel Snyder and his wife Tanya look on as head coach Ron Rivera speaks during his introductory press conference at Inova Sports Performance Center. Mandatory Credit: Brad Mills-USA TODAY Sports

Bids hit $7 billion at deadline for offers to buy Commanders

Posted on | by Field Level Media

Friday is the deadline for bidders to present final offers to buy the Washington Commanders.

NBC Sports Washington reported five — and as many as seven — bids are expected. Forbes reported bids exceed $7 billion, which would include the team, FedEx Field and surrounding acreage, and 150 acres at the team’s headquarters in Ashburn, Va.

In August, Forbes valued the Commanders at $5.6 billion, without the real estate.

Owners Daniel and Tanya Snyder hired Bank of America Securities last month to explore the possibilities for the sale of all, or part, of the Commanders last month. Facing federal scrutiny into the operation of the team, as well as the wrath of some fellow owners, the Snyders have not come out and expressed their intention with the franchise.

In May 1999, Daniel Snyder-led ownership group bought the Washington football team and what then was known as Jack Kent Cooke Stadium for $800 million, which the Washington Post reported at the time was a record price for a U.S. sports franchise.

A sale of the Commanders is expected to set another record price. The Snyders, should they sell, would receive well over the record $4.65 billion Walmart heir Rob Walton paid for the Denver Broncos this summer.

NBC Sports Washington said Friday that the pending sale this week of the Phoenix Suns by another embattled owner, Robert Sarver, to mortgage lender Mat Ishbia for $4 billion — a record price for an NBA franchise — will drive up the Commanders price. That sale includes the WNBA’s Phoenix Mercury.

–Field Level Media

Oct 2, 2022; Arlington, Texas, USA; Washington Commanders owner Dan Snyder on the field before the game against the Dallas Cowboys at AT&T Stadium. Mandatory Credit: Tim Heitman-USA TODAY Sports

Dan Snyder hires bank to help sell Commanders

Posted on | by Field Level Media

Dan and Tanya Snyder have hired BofA Securities to help with a potential sale of the Washington Commanders.

“The Snyders remain committed to the team, all of its employees and its countless fans to putting the best product on the field and continuing the work to set the gold standard for workplaces in the NFL,” the team announced in a brief statement Wednesday.

According to a report Wednesday from Forbes.com, Snyder has already received “at least four calls” from parties interested in purchasing the team.

Snyder is said to be exploring all options, including selling the entire franchise or a minority stake.

A team spokesman told multiple media outlets: “We are exploring all options.”

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.

Sponsorship revenue has increased by 40 percent this season over 2021 since the team rebranded from the Washington Football Team to the Commanders, according to Forbes.

BofA Securities, previously known as Bank of America Merrill Lynch, provides services in mergers and acquisitions.

“We understand the challenges our clients face around the world,” reads the company’s website. “We combine local knowledge and global perspective to tailor solutions to meet clients’ goals.”

The bank handled Steve Ballmer’s 2014 purchase of the Los Angeles Clippers.

Snyder, 57, bought the team, then known as the Washington Redskins, in 1999.

Snyder’s wife, Tanya, has been in charge of day-to-day operations since July 2021 when the NFL fined the team $10 million for fostering a toxic workplace culture.

–Field Level Media

Dec 22, 2019; Denver, Colorado, USA; Detroit Lions owner Martha Ford (L) talks with Denver Broncos president Joe Ellis (R) before the game at Empower Field at Mile High. Mandatory Credit: Isaiah J. Downing-USA TODAY Sports

Broncos have ownership bid in place for a record $4.65 billion

Posted on | by Field Level Media

The Denver Broncos appear set to be sold for a sports-franchise record $4.65 billion, according to multiple media reports.

As expected, the Walton-Penner family — led by Walmart heir Rob Walton — has made the winning bid. The Walton-Penner family and the Pat Bowlen Trust have entered into a purchase and sale agreement, it was jointly announced Tuesday.

The specific amount of the record-setting transaction was reported Tuesday by various media outlets.

This would be the highest price paid for an American sports franchise, topping the $3.2 billion paid for the NBA’s Brooklyn Nets in 2019. It would also be more than double the most recent sale price of an NFL team as the Carolina Panthers were sold for $2.275 billion in 2018.

Forbes valued the Broncos at $3.75 billion in 2021, estimating it at No. 10 on the list of NFL franchise valuation.

Earlier this month, Forbes identified other bidders as Josh Harris, who is part of the ownership group of the Philadelphia 76ers and New Jersey Devils; Jose E. Feliciano, one of the founders of Clearlake Capital; and mortgage lender Mat Ishbia.

Walton, 77, has a net worth of $65 billion and is the 19th-richest person in the world, per Forbes. The Walmart fortune is so vast that his siblings, Alice and Jim, also are among the world’s 20 richest people on Forbes’ list of billionaires.

If the Walton sale goes through, Rob Walton would become the second NFL owner from the extended Walton family. Ann Walton Kroenke, who is Walton’s cousin, is married to Stan Kroenke, owner of the Los Angeles Rams.

“We are thrilled to be selected to move forward with the purchase of the Denver Broncos!” Rob Walton said on behalf of the ownership group. “Carrie (Walton-Penner), Greg (Penner) and I are inspired by the opportunity to steward this great organization in a vibrant community full of opportunity and passionate fans.”

“While this purchase and sale agreement is pending approval from the NFL’s finance committee and league ownership,” said Broncos CEO Joe Ellis, “today marks a significant step on the path to an exciting new chapter in Broncos history.”

–Field Level Media

Apr 25, 2022; Englewood, CO, USA; General view outside of the UCHealth Training Center before a Mini Camp drill for the Denver Broncos. Mandatory Credit: Ron Chenoy-USA TODAY Sports

Report: Walmart heir to win bid for Broncos

Posted on | by Field Level Media

Rob Walton, whose father founded Walmart, will win the bid to buy the Denver Broncos at a record price of about $4.5 billion, Forbes reported Monday.

It would be the highest price paid for an American sports franchise, topping the $3.2 paid for the NBA’s Brooklyn Nets in 2019. Forbes said the deal could be announced this month.

Second-round bids from interested parties are due Monday afternoon. ESPN countered the Forbes report, saying a winning bid hasn’t been selected.

Forbes identified other bidders as Josh Harris, who is part of the ownership group of the Philadelphia 76ers and New Jersey Devils; Jose E. Feliciano, one of the founders of Clearlake Capital; and mortgage lender Mat Ishbia.

Walton, 77, has a net worth of $65 billion and is the 19th-richest person in the world, per Forbes. The Walmart fortune is so vast that his siblings, Alice and Jim, also are among the world’s 20 richest people on Forbes’ list of billionaires.

Combined, the net worth of Harris ($5.7 billion), Feliciano ($3.4 billion) and Ishbia ($4.9 billion) is $14 billion by Forbes’ estimates.

Walton’s proposed ownership team also includes his daughter, Carrie, and her husband, Greg Penner.

Forbes valued the Broncos at $3.75 billion in 2021, estimating it at No. 10 on the list of franchise valuation.

If the Walton sale goes through, Jim Walton would become the second NFL owner from the extended Walton family. Ann Walton Kroenke, who is Jim Walton’s cousin, is married to Stan Kroenke, owner of the Los Angeles Rams.

–Field Level Media

Nov 28, 2021; Denver, Colorado, USA; A general view of the Bronco on the top of Empower Field at Mile High as the sunsets in the fourth quarter between the Denver Broncos and the Los Angeles Chargers. Mandatory Credit: Isaiah J. Downing-USA TODAY Sports

Report: Broncos legally can be sold

Posted on | by Field Level Media

The final legal issue standing in the way of a potential sale of the Denver Broncos has been cleared.

A report from 9News in Denver on Thursday said trustees of the estate of late Denver Broncos owner Pat Bowlen and the survivors of the Edgar Kaiser Jr. estate agreed that a judge should dismiss an appeal filed by Kaiser’s estate. The appeal was based on the assertion Kaiser’s heirs had the right of first refusal to buy the team.

Bowlen and Kaiser entered into the right of first refusal agreement in March 1984 when Bowlen purchased the team from Kaiser.

A Colorado Court of Appeals judge ruled Jan. 11 that the team could be sold because the agreement was “no longer valid or enforceable.” The Kaiser estate appealed.

“The sale of the Broncos can now proceed free and clear without interruption,” said Dan Reilly, attorney for the trustees of the Patrick D. Bowlen Trust, per 9 News.

Prospective buyers now can pursue a purchase for the team, which officially was put up for sale on Feb. 1.

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.

Local media reports name S. Robson “Rob” Walton as 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