Harris’ $6 Billion Commanders Bid Enlists Colombia’s Richest Family
One of South America’s richest families is part of the group poised to take over the Washington Commanders, according to multiple people with direct knowledge of the negotiations.
Alejandro Santo Domingo and his family, investors from Colombia, are part of the bid group led by 76ers and Devils co-owner Josh Harris, said the people, who were granted anonymity because the details are private. Also in the group is Mitchell Morgan, CEO of Morgan Properties, which says it is the largest apartment owner in the states of Maryland, Pennsylvania and New York.
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The group reached an agreement in principle last month to purchase the NFL franchise from Dan Snyder for about $6 billion, though the deal hasn’t yet been signed. Minority partners who have previously been reported include multibillionaire Mitchell Rales, investor Mark Ein and NBA Hall of Famer Earvin “Magic” Johnson.
It’s unclear how much money Morgan or the Santo Domingo family will contribute to the bid. A representative for Harris declined to comment. A representative for the Santo Domingos, reached through the family’s website, recently stopped responding to messages. Morgan didn’t respond to an email seeking comment.
The Santo Domingo family is worth $12.2 billion, according to Bloomberg, a number higher than both Harris ($7.7 billion) and Rales ($6.9 billion). The family’s portfolio includes stakes in beer maker Anheuser-Busch InBev, Chilean bank Corpbanca and Spanish bank Inmobiliaria Colonial, as well as media and other holdings. Alejandro, 46, is also a managing director at Quadrant Capital Advisors.
Morgan founded the Philadelphia-based Morgan Properties in 1985. The group now has more than 350 apartment communities and over 95,000 units across 19 states, and more than $16 billion in assets. Its website says it is the third largest multifamily housing owner in the country.
The Harris-led group sent its agreement in principal to the NFL for informal review late last month, and the league has privately expressed a some concerns, according to people familiar with the process. Any sale would ultimately require the approval of at least 24 of the league’s 32 owners. The Washington Post reported earlier this week that the process could unfold in stages, possibly starting as soon as this month. Snyder is currently under investigation by the league and federal prosecutors in Virginia over allegations of workplace misconduct and financial impropriety.
The NFL’s formal approval process would also include vetting minority partners. There are other unidentified LPs already committed to the Harris group, and others could join at a later date. When Rob Walton purchased the Denver Broncos last year for $4.6 billion, his group announced a number of investors—such as F1 driver Lewis Hamilton and former Secretary of State Condoleezza Rica—after the agreement was signed.
Harris, the co-founder of Apollo Global Management, has a sports portfolio that includes Harris Blitzer Sports & Entertainment (which owns the NHL’s New Jersey Devils, the NBA’s Philadelphia 76ers and the Prudential Center) and a piece of English soccer club Crystal Palace. He’s also a part owner of the NFL’s Pittsburgh Steelers, a stake he will need to sell if the Commanders deal closes.
The Commanders were the most valuable sports team in the world when Snyder bought the franchise in 1999 for $800 million. The $6 billion price would be the highest ever paid for a sports team. Sportico currently values the team at $4.78 billion, eighth in the NFL.
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