Washington Commanders owner Dan Snyder has entered into an agreement to sell his franchise to a group led by Philadelphia 76ers owner Josh Harris, it was announced Friday.
The framework of the deal was first reported last month. According to CBS Sports, it is believed to be for $6.05 billion, the largest price ever paid for a North American sports franchise.
Along with Harris, the new ownership group includes billionaire Mitchell Rales and former Los Angeles Lakers legend Magic Johnson.
In a joint news release first obtained by NFL Insider Ian Rapaport, the two groups said that the "purchase and sale agreement" was still subject to approval from the NFL. The deal will require a yes vote from 24 of the 32 owners.
Following the announcement, Johnson tweeted that he was "so excited to get to work on executing our vision for the Commanders and our loyal fanbase!"
Snyder's tenure as owner of the Commanders has been plagued with issues. Last year, the House Oversight and Reform Committeethat Snyder had interfered into an NFL investigation of allegations of sexual harassment by team executives.
In 2021, the NFL$10 million after an independent investigation determined the franchise had a toxic workplace culture.