By Max Harper
ESPN is reporting that Sixers owner Josh Harris, who announced an exclusive deal to purchase the Washington Commanders for $6.05 billion, is betting that a change in ownership will solve the financial woes plaguing the franchise.
Harris predicts that the removal of Dan Snyder as owner will boost attendance, ticket sales and sponsorship revenue, as well as the team’s prospects for a new stadium. Commanders leadership “believes Virginia will offer the best incentive package — potentially up to $1.5 billion” for a new home, the document shows. That sum would nearly double the American-record $750 million in public funds the state of Nevada put toward a new Raiders stadium in 2017.
The 43-page document — titled “Commanders Investment Opportunity” and labeled “Privileged & Confidential” — is notable not only because it’s a rare glimpse into the financials of an NFL club but also because a prospectus needed to be drafted at all. The document was used to pitch other limited partners to buy into the deal alongside Harris. In recent history, team buyers such as David Tepper of the Carolina Panthers and the Walton-Penner family of the Denver Broncos were wealthy enough to purchase clubs on their own and there was no need to try to solicit limited buyers.