Dan and Tanya Snyder have officially entered an agreement to sell the Washington Commanders to Josh Harris and his contingency for a league-record $6.05 billion, according to a news release obtained and shared by NFL Network's Ian Rapoport.
"The Washington Commanders and a partnership led by Josh Harris have entered into a purchase and sale agreement, it was jointly announced on Friday, May 12th," the news letter states. "The purchase and sale agreement calls for Harris and partners to acquire the Washington Commanders from the Snyder family. The agreement is subject to NFL approval as well as the satisfaction of customary closing conditions."
"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", Tanya and Dan Snyder said in a statement on Friday. "We look forward to the prompt completion of this transaction and to rooting for Josh and the team in the coming years."
The Snyders had reportedly "reached an agreement in principle" to sell the franchise to a group led by Harris, which also includes billionaire Mitchell Rales and Basketball Hall of Famer Earvin 'Magic' Johnson, in April. The Snyders announced they hired Bank of America Securities to consider "potential transactions" in relation to the Commanders franchise last November.
"Dan and Tanya Snyder and the Washington Commanders announced today that they have hired BoA Securities to consider potential transactions," the Commanders said in a statement re-shared by CBS Sports NFL Insider Jonathan Jones on November 2.
Harris' reported first order of business "revolves around building a new stadium" and "running the organization in a first-class way," Rapoport reported.
Dan Snyder, 58, a native of Silver Spring, Maryland, purchased the Washington franchise from the late Jack Kent Cooke in 1999 and has been heavily criticized throughout his ownership.