Big sale update from Adam Schefter
This morning, Adam Schefter is reporting that a local billionaire, Mitchell Rales, is teaming with Josh Harris in an attempt to buy Washington’s football team. With an estimated net worth of $5.6B, Rales strengthens the Harris bid significantly. Josh Harris, who owns the Philadelphia 76ers(NBA), New Jersey Devils(NHL), and is a minority owner of Crystal Palace FC(Premier League) has an estimated worth of $6.2 billion.
Harris has already bid on the team, and the top bid was reportedly for $6.3 billion. Tilman is the only other know bidder, and he reportedly offered more than $5.5 billion for the franchise. Amazon founder Jeff Bezos hasn’t placed a bid on the team, but there has been heavy speculation on his interest in becoming an NFL owner. Dan Snyder has reportedly blocked his efforts to enter the bidding process and view the team’s finances.
Had been a belief Harris had other big $$ with him. Harris is 1 of 2 known groups that are bidding on the Commanders. Tilman Fertitta is another. Believed to be 2 other unknown groups who have or will tour Wash’s facilities.
Here you go: https://t.co/1Z831W33Hv— John Keim (@john_keim) March 9, 2023
Rales co-founded the Danaher Corporation in 1983 and is one of 11 billionaires currently in the DC region. He grew up in Bethesda, and is a graduate of Walt Whitman High School.
For those in the area, he’s also the developer and financier of the Glenstone Museum in Potomac, which is truly a local gem in the region. I’d highly recommend checking it out.
NFL owners met earlier this week in West Palm Beach, Fla., for committee meetings, and the sale of the Washington Commanders was discussed. No decisions were made about holding a vote to remove Snyder from the NFL’s owners club, as the sale was seemingly dragging on. Snyder’s reported refusal to allow Amazon founder Jeff Bezos has been an issue, and the lack of verifiable updates has caused rampant speculation that he might try to tank the sale in an attempt to keep the team.
Today’s update on Josh Harris’s bid also brought an update on Snyder’s communications with the other NFL owners:
Snyder and the Commanders have communicated to the NFL’s team owners that there are “multiple bidders” for the franchise whom the owners and the league will “love” and that the sales price “is looking good,” a person familiar with the NFL’s inner workings and the views of the owners said this week. But some owners remain wary that the sale will be completed because Snyder wants to be indemnified against future legal liability and costs by either the buyer or fellow NFL team owners and the league, that person said.