Magic Johnson Joins $6B Bid On NFL’s Washington Commanders

Magic Johnson is reportedly part of a group that has placed a $6 billion bid to purchase the Washington Commanders NFL franchise.

The 63-year-old entrepreneur and former sports star has joined billionaire Josh Harris and others in an effort to secure ownership of the Commanders from its current owners Dan and Tanya Snyder. Harris, the cofounder of Apollo Global Management, also owns the NBA’s Philadelphia 76ers and is a co-owner of the NHL’s New Jersey Devils, while Johnson is a minority owner of the MLB’s Los Angeles Dodgers.

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According to ESPN, Johnson and Harris’ group is expected to bid against numerous suitors, including Canadian billionaire Steve Apostolopoulos. The managing partner of the Triple Group of Companies, Apostolopoulos, and his group recently submitted their own $6 billion bid in the pending sale of the Commanders. In addition to those groups, Houston Rockets owner Tilman Fertitta and another anonymous group, have voiced interest in buying the team, which would mark the biggest sale of a franchise in American sports history.

The proposed $6 billion bids could break the August 2022 record sale for a franchise when a group led by Walmart heir Rob Walton purchased the Denver Broncos for $4.65 billion. Johnson and Harris’ group of investors includes Mitchell Rales, a D.C. billionaire, and has experience in owning professional sports teams dating back more than a decade. In 2012, the Johnson-led Guggenheim Baseball Management group purchased the Dodgers for $2.5 billion, a record amount for a sports team at the time. In the prior year, Harris purchased the Sixers for $280 million.

The looming sale of the Washington Commanders follows reports of the Snyders fostering a “toxic workplace” among employees, which led fellow NFL franchise owners to call for a change at the top. The Snyders have since announced their interest in selling the team, hiring Bank of America Securities “to consider potential transactions.”

In addition to the Dodgers, the former Los Angeles Lakers star is the CEO of Magic Johnson Enterprises and has partnerships with brands including Fanatics, Naturade, Top Golf, Aon, Best Buy, and more.

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