The Washington Commanders NFL team is up for sale, and as many as four bidders have reached the $6 billion mark, making it the largest team purchase in NFL history. However, the sale of the team comes amidst allegations of workplace misconduct that have led to investigations by the NFL.
Bidders compete for the Washington Commanders
As per reports, there are four bidders vying to purchase the Washington Commanders. Among them are Josh Harris, Steve Apostolopoulos, Tilman Fertitta, and a mystery fourth bidder. While Snyder does not have to sell to the highest bidder and may choose to sell to the group he likes the most, all bidders have reached Snyder’s $6 billion asking price.
Canadian billionaire Steve Apostolopoulos is the managing partner of the Triple Group of Companies, a privately-owned real estate firm based in Toronto. His bid is fully funded and has intensified competition with a group led by billionaire Josh Harris that includes NBA legend Magic Johnson. Harris has co-founded Apollo Global Management and currently owns NBA’s Philadelphia 76ers and co-owns NHL’s New Jersey Devils.
However, reports suggest that Amazon founder Jeff Bezos has also hired an investment firm to research a possible bid for the Commanders team.
Workplace misconduct allegations against Dan Snyder
The NFL’s investigation into alleged workplace misconduct by Snyder and other executives of the Washington Commanders has also gained significant attention. The investigation was prompted by Congressional testimony from former Washington cheerleader Tiffani Johnston, who accused Snyder of making sexual advances.
More than 40 women who worked for the Commanders alleged they were sexually harassed in the workplace by colleagues including Snyder and team executives. The league’s first investigation into those claims determined “the culture of the club was very toxic and fell far short of the NFL’s values” and resulted in a $10 million fine for Snyder but no suspension.
NFL owners and executives urged to not speak out on Dan Snyder
As per reports, NFL team owners and executives have been encouraged to restrain from speaking out on current owner Dan Snyder in the media amidst the ongoing investigations. Furthermore, the decision to release the report could complicate the legal resolution of a sale or split from Commanders owners Dan and Tanya Snyder.
NFL commissioner Roger Goodell has confirmed that the sale of the team will not impact the decision to release the report, stating that Mary Jo White and her counterparts would be responsible for making public findings while the league also plans to release a written report of findings in its second investigation into workplace misconduct by the Washington Commanders.
Financial hurdles for prospective NFL owners
Prospective NFL owners for any team have to fulfill significant financial hurdles according to NFL rules, including approval of the purchase price and funding sources. The league has made it an “important goal” for new owners to diversify their ownership groups.
The new owner of the Washington Commanders will need to clear all these financial hurdles before owning one of the most valuable NFL franchises with a reported $5.6 billion valuation, making it sixth on Forbes’ list of most valuable NFL franchises as of August 2020.
In conclusion, as bids reach record-breaking amounts, prospective owners will battle it out for ownership stakes in one of the most valued franchises in NFL history. And if allegations of workplace misconduct are proven true, new ownership will implement changes necessary to ensure that players and employees can work without fear of harassment or abuse.
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