The waiting game
There was a lot of hope that the sale of the Washington Commanders would be voted on at next week’s owners meetings, but that is not going to happen per NFL EVP Jeff Miller. Dan Snyder has signed an exclusive sales agreement with the investment group led by Josh Harris to sell the team for $6.05 billion. That is a record price for a sports franchise, and continues the NFL’s soaring valuations during recent sales.
It has been widely reporter, and covered here, that the sales price structure of the deal, number of limited partners, the NFL’s own financing rules, and possibly requests from Snyder were holding up a quick approval. The latest was that there is a difference of opinion between the NFL finance committee and the Harris group over what constitutes debt. The NFL will only allow a buyer to take on $1.1 billion in new debt. While they are reportedly worth $100 billion combined. they are structuring the deal in a way that is not in compliance with how the NFL wants it done.
There is not much doubt that those issues will be worked out, and the team will be sold before the new season starts, but the waiting game continues for now. Fans have been waiting for this moment for over two decades, and will now have to wait a few more months to finally be free from the ownership of Dan Snyder.
NFL EVP Jeff Miller on the Commanders sale, and how it’ll be addressed at next week’s spring meeting: “There’ll be an update for the membership on the purchase-and-sales agreement … There will not be any votes at this time.”
Expect a vote on the Commanders sale in the summer.
— Albert Breer (@AlbertBreer) May 18, 2023
Miller was also asked about the NFL’s investigation into sexual misconduct by Dan Snyder and financial improprieties from the team. That investigation was started by Snyder himself after testimony from several former emplyees before the House Oversight Committee. Mary Jo White was hired by the NFL to lead it over a year ago, and is expected to release the results to the public “soon”. There has been speculation from an NFL insider that the NFL will wait until July 1st, the Friday news dump day before the 4th of July holiday weekend. Miller gave no updates or timeline on White finishing and releasing the report.
Dan Snyder has reportedly requested that the NFL kill the release of the Mary Jo White investigation like they did with the league’s first investigation into Snyder and the team led by Beth Wilkinson. Snyder has denied that claim, and the NFL has said “the findings” from the investigation will eventually be released to the public
Miller on the release of the Mary Jo White report: “Nothing has changed there. Once she completes the review we will release the findings of it. No other news to report there.”
— A.J. Perez (@byajperez) May 18, 2023