The Washington Commanders, an NFL team with a heritage of success but a more recent history of unchecked scandal and mismanagement, has been sold to an investor group for $6 billion.
The transaction, which was first reported by Deadline sister publication Sportico and later by other media outlets, sets a new record for a sports franchise.
Surging NFL TV ratings have boosted the value of franchises across the league, with the previous record being set just last year with the $4.6 billion paid for the Denver Broncos. (Soccer’s Manchester United in England’s Premier League, has been rumored to be fetching bids in the $6 billion range.) Dan Snyder, who has owned the Washington team for more than two decades but has failed to return it to glory amid a non-stop torrent of dysfunction and controversy, had been under pressure to sell the club.
Magic Johnson, who is already a part-owner of baseball’s LA Dodgers, is part of the investment group buying the Commanders. Led by Philadelphia 76ers co-owner Josh Harris, the new group also includes billionaire Mitchell Rales.
Read more on deadline.com
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