The proposal in front of the NFL by a group led by Josh Harris to buy the Washington Commanders calls for $5.8 billion to immediately be paid to Dan Snyder when the deal closes, and $250 million to be paid to Snyder over two years, according to a person with first-hand knowledge of the deal.
The $6.05 billion purchase price would be reduced to about $6 billion discounting the $250 million over two years.
Another NFL team that was bought over time is the Cleveland Browns, under Jimmy Haslam’s 2012 purchase.
Under the Commanders proposal, which is non-binding at the moment, Harris would own 30% of the NFL team and be the managing partner. There would be 17 limited partners, the biggest of which would be Michael Rales, who would own 12%. NBA legend Magic Johnson would be in for 4%.
Assuming the Harris group uses the league’s maximum allowable debt to buy the team—$1.1 billion—Harris would have to put in nearly $1.5 billion of equity.
Story courtesy of Mike Ozanian & Forbes