The Washington Commanders are on the verge of having a new owner.
Billionaire Josh Harris has reached an agreement in principle to buy the Washington Commanders for $6.05 billion, sources familiar with the situation said. The deal isn’t finalized and the agreement is not exclusive, but Harris is in a prime position to purchase the Commanders from embattled owner Dan Snyder.
Here are five things to know about the Commanders’ (likely) new boss:
He holds sports experience: Harris’ name has circulated for a while in connection to the Commanders and he’s already well known because he owns the NBA’s Philadelphia 76ers and the NHL’s New Jersey Devils. He purchased the 76ers in 2011 for $280 million and the Devils in 2013 for $320 million. The Commanders will sell for … quite a bit more than that. But Harris can afford it: He holds a net worth of $6 billion, according to Forbes, and has partnered with others to strengthen the bid.
Trust The Process, baby: Harris did not invent the concept of tanking, but the owner took the strategy to the extreme in Philadelphia when he hired general manager Sam Hinkie. The executive implemented “The Process,” which embraced tearing down Philadelphia’s roster in an attempt to lose as many games as possible to shore up better draft positioning.
The strategy was controversial: The NBA changed its lottery odds to dissuade teams from copying the plan and Hinkie lost his job when stepped down amid backlash in April 2016. But the plan put the 76ers in a great position. The team drafted players like Joel Embiid and Ben Simmons — the former who is the MVP front-runner and the latter who helped Philadelphia land former MVP James Harden in a trade.
SEE ALSO: Dan Snyder agrees to sell Commanders to Josh Harris
After four years of rebuilding, the 76ers have made six straight playoffs — although they’ve yet to advance past the second round.
Not afraid of big names: Beyond The Process — a bold move in itself — Harris has made plenty of splashy moves as a sports owner. In the NHL, the Devils traded for superstars such as Taylor Hall (in 2016) and P.K. Subban (2019). The 76ers have hired big-name coaches and executives, such as Doc Rivers and general manager Daryl Morey. The NHL and NBA are markedly different sports from the NFL, but it’ll be interesting to see if Harris takes the same approach for the Commanders.
Local ties: Harris grew up in Chevy Chase and attended The Field School in the District. Though he went to the University of Pennsylvania (undergrad) and Harvard Business School (grad) for college, Harris’ purchase of the Commanders marks somewhat of a homecoming for the 58-year-old. (He reportedly lives in Miami these days.)
Bringing backup: Harris will be the lead partner when managing the Commanders, but he didn’t buy them alone. Harris led an investment group that includes Maryland billionaire Mitchell Rales and NBA legend Magic Johnson. Johnson, in particular, gives Harris’ bid a certain level of star power and charisma that they can perhaps use to win back fans in the area.
• Matthew Paras can be reached at mparas@washingtontimes.com.
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