Report: NFL finance committee unofficially approves Commanders sale; vote expected Thursday
The NFL is expected to release findings from its investigation into the Commanders and owner Dan Snyder soon after the sale is finalized
The sale of the Washington Commanders is nearly official.
The NFL finance committee met remotely Monday and unofficially approved Daniel Snyder’s $6.05 billion deal that will sell the Commanders to Josh Harris, according to The Washington Post. The NFL and Snyder also reportedly reached an agreement to resolve their legal issues.
Although there wasn’t an official vote taken during the finance committee meeting, a "straw poll" was conducted, and the sale was unanimously supported. NFL team owners are expected to vote to approve the sale during meetings Thursday in Minneapolis. At least 24 of the league’s 32 owners must approve the sale for it to pass.
Assuming that vote takes place, the sale will close as soon as Friday.
Harris, who is the majority owner of the NBA's Philadelphia 76ers and the NHL's New Jersey Devils, reached a preliminary deal with Snyder to purchase the Commanders for an NFL-record $6 billion in April. That sale has been pending ever since.
The deal has been described as complex, with team owners reportedly concerned about both the large number of limited partners involved and the debt acquisition the group is taking on. League rules prohibit more than 25 limited partners in an ownership group and require that the general partner own at least 30% of the team. The league also prohibits the group from taking on more than $1.1 billion in debt.
The team is being sold for almost $1.5 billion more than the Denver Broncos sold for last year, which set a record at the time. While it has been a lengthy process, the goal, finance committee member and Indianapolis Colts owner Jim Irsay said, was always to have the sale finalized before the season starts this fall.
Snyder is still being investigated over sexual harassment, workplace misconduct and financial impropriety allegations. According to The Washington Post, the NFL's investigation into Snyder and the team could be released "soon thereafter" the sale of the team is made official.
