The Washington Commanders have agreed to sell ownership of the team to a group led by Josh Harris, the two parties announced Friday, per NFL Network’s Ian Rapoport.

“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,” said co-owners Tanya and Dan Snyder in a statement. “We look forward to the prompt completion of this transaction and to rooting for Josh and the team in the coming years.”

The agreement is still subject to NFL approval. An update on the approval process should come at the next league meeting, which runs from May 22-24 in Minnesota, according to Rapoport.

Harris and Co. have agreed to pay $6.05 billion to acquire the Commanders, sources told ESPN’s John Keim. The payment would set a new record for a U.S. sports franchise, surpassing the $4.65-billion sum that a Rob Walton-led group paid for the Denver Broncos in 2022.

It was reported last month that Harris and his group were nearing a deal to buy the Commanders from the Snyders.

Harris is the primary owner of the NHL’s New Jersey Devils and the Philadelphia 76ers of the NBA. Other members of Harris’ group that’ll take over the Commanders include former NBA star Magic Johnson and billionaire Mitchell Rales.

“On behalf of our entire ownership group – including Mitch Rales, my longtime sports business partner David Blitzer, and Earvin ‘Magic’ Johnson – I want to express how excited we are to be considered by the NFL to be the next owners of the Washington Commanders and how committed we are to delivering a championship-caliber franchise for this city and its fanbase,” Harris said in a statement.

He added: “We look forward to running a world-class organization and making significant investments on and off the field to achieve excellence and have a lasting and positive impact on the community.”

Dan Snyder bought the Washington franchise in 1999. The Snyder family announced that they would be exploring a sale of the NFC East club in November 2022.

Snyder’s tenure as owner had been marred by alleged workplace misconduct, sexual harassment, and financial impropriety, leading to investigations by the NFL and Congress.

The club was fined $10 million in 2021 following an NFL workplace review. In addition, a report published by the House Committee on Oversight and Reform in 2022 also determined that Snyder had a role in creating a “toxic” workplace culture.

The franchise also struggled with on-field success under Snyder. Despite having three Super Bowls to its name, Washington never won a Lombardi Trophy with Snyder in charge. The NFC East club missed the postseason in 18 of the last 24 years and put together an overall record of 164-220-2

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