AP sources: Snyder agrees to $6.05B sale of Commanders

A group led by Josh Harris and Mitchell Rales that includes Magic Johnson has an agreement in principle to buy the team for a record $6.05 billion, two people with knowledge of the situation told The Associated Press on Thursday.

The people confirmed the deal was a fully financed, nonexclusive agreement that was not yet signed. The people spoke on condition of anonymity because the deal hasn’t been finalized.

Another person told The AP a deal hasn’t been sent to the NFL for approval yet. The league declined to comment.

Once the deal is approved, Harris would own controlling stakes in teams in three of the four major North American pro sports leagues. He and David Blitzer have owned the NBA’s Philadelphia 76ers since 2011 and the NHL’s New Jersey Devils since 2013.

Harris has owned a piece of the Pittsburgh Steelers, which he needs to sell before getting the Commanders.

The price for the Commanders tops the previous record of $4.65 billion set when Walmart heir Rob Walton’s group bought the Denver Broncos last year. Johnson, the basketball Hall of Famer who also owns part of Major League Baseball’s Los Angeles Dodgers, was also part of Harris’ bid for the Broncos.

Rales, co-founder of the Danaher Corp. and a Maryland resident, and Johnson were relatively late additions to the group. Rales and Harris grew up in Bethesda in the Washington suburbs and give the team local ownership roots.

The sale of the Commanders is pending the execution of a contract and then approval from the rest of the league’s owners, which could happen as soon as their next meeting in Minnesota in May but may take longer. It would need 24 of 32 votes to pass, which is not expected to be a problem after the Broncos sale was unanimously approved and given that Snyder was beginning to fall out of favor with the group.

Snyder bought his boyhood favorite team in 1999 for $750 million and despite mounting criticism repeatedly said he’d never sell. That changed after multiple investigations by the league and Congress into Washington’s workplace misconduct and potential improprieties. The congressional investigation found Snyder played a role in a toxic culture.

TAMPA, Fla. — The Buccaneers have no intentions of trading star linebacker Devin White, Tampa Bay general manager Jason Licht said Thursday.

Last month, the 25-year-old who helped Tampa Bay win the Super Bowl in his second season posted cryptic messages on social media that suggested he may have played his last game with the Bucs. ESPN and NFL Network reported this week that White has requested a trade.

White is seeking a long-term contract and entering the final year of the deal he signed as the fifth overall selection in the 2019 draft. The Bucs picked up the fifth-year option that’ll pays him $11.7 million in the upcoming season.

White, a team captain, became an immediate starter as a rookie and had a career-best nine sacks in 2020. That same year, he had a breakout postseason in helping Tom Brady lead the Bucs to the second Super Bowl title in franchise history.

He had another solid season in 2022 with 124 tackles, 5½ sacks and 16 quarterback hits, but also drew some criticism on social media in October for what was perceived as a lack of hustle on a key play during a nationally televised prime-time loss to the Baltimore Ravens.

CLEVELAND — The Cleveland Browns ended their stadium naming rights partnership with FirstEnergy Corp. after 10 years, and will return to their lakefront stadium being called Cleveland Browns Stadium.

The sides announced the mutual agreement Thursday. Terms and conditions were not disclosed.

The original deal with FirstEnergy was worth $107 million and ran through the 2028 season, when the Browns’ lease with the city of Cleveland expires.

FirstEnergy’s partnership with the NFL franchise came under scrutiny after the utility company admitted to paying bribes to Ohio lawmakers. There had been a push by some city and state officials for the Browns to sever ties.