The billionaire owner of the Philadelphia 76ers and his partners such as NBA Hall of Famer Magic Johnson and billionaire Mitchell Rales have officially submitted their bid for the Washington Commander.
Although the Commanders owner Dan Snyder agreed to the deal in principle, the NFL must review the offer. Harris group offered $6.05 billion for the team.
However, the agreement hasn’t been signed just yet. Due to the non-exclusive nature of the offer, the door is still open for others to bid for the team.
If approved, the two sides would still have to sign to the agreement. The NFL’s finance review committee will do their due diligence to vet all partners in the deal. Once the vetting process is complete, the committee will submit the offer to the other owners.
Nonetheless, the three-fourth of the NFL owners will need to approve the purchase. We’re accustom to the extensive process the NFL takes to approve an owner.
The earliest the NFL can vote on the purchase is May 22-24.
Ultimately, with the approval, Magic Johnson will be come the first black NFL owner.