Sale of $6.05 billion outstanding from Washington leaders From longtime owner Dan Snyder and his family to a group led by investor Josh Harris, it’s still under record review and won’t be voted on next week by… NFL Owners at a spring meeting, the association said Thursday.
Jeff Miller, the NFL’s executive vice president of communications, public affairs and policy, confirmed on a conference call with reporters that an approval vote would come later. Team owners will receive a process update at their previously scheduled meetings in Minnesota, but no action will be taken.
The sale agreement was finalized last Friday. NFL staff and members of the Finance Committee will continue to review the details in the meantime. The deal must be approved by three-quarters of the league (at least 24 of the 32 owners) and meet other customary closing conditions.
“There is nothing special or out of the ordinary as we would with any other transaction,” Miller said.
The deal is the largest for a professional sports franchise in North America, surpassing the $4.55 billion Wal-Mart heir Robert Walton paid for Denver Broncos last year.
Snyder has owned the team since 1999, when he bought his favorite childhood team for $750 million. Even as the pressure mounted, he said over and over again that he would never sell. That changed after several investigations by the NFL and Congress into the club’s workplace misconduct and possible financial irregularities. A congressional investigation found that Snyder played a role in a toxic culture.
The Harris group includes Washington-area billionaire Mitchell Rales, Basketball Hall of Famer Magic Johnson and others including David Blitzer. He owns Harris and Blitzer NBA‘s Philadelphia Seventy Sixers Since 2011 and NHL‘s New Jersey Devils since 2013.
Reporting by The Associated Press.
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