Dan Snyder agreed in principle to sell the Washington Commanders to an investment group led by Josh Harris this month. But until contracts are signed, the deal is considered nonexclusive and leaves the door open for someone to swoop in to steal the bid.
Steve Apostolopoulos appears to believe he’s that someone.
The Canadian billionaire said in a rare interview Monday that he believes he remains in the mix to purchase the Commanders. Appearing on CNBC’s “Squawk Box,” Apostolopoulos said “it would be inappropriate to comment” on the process, but made clear he still wants to buy the team.
“I am still in the hunt, yes,” Apostolopoulos said.
Snyder reached a tentative deal to sell the Commanders to Harris for $6.05 billion. Apostolopoulos has also reportedly submitted a bid in the $6 billion range. Asked what was the difference between the two offers, Apostolopoulos said “it’s hard to say right now” but declined to elaborate because the process remains ongoing.
“It is a head-to-head process right now,” he said.
Apostolopoulos first emerged as a prospective buyer for the Commanders in late March when ESPN reported that he toured the team’s stadium and headquarters. Days later, it was reported that he had submitted a formal bid worth $6 billion.
.@NFL team valuations are reaching an all-time high. Canadian billionaire @SteveApost talks about his bid for the Washington @Commanders: pic.twitter.com/QyhfrpFkDq
— Squawk Box (@SquawkCNBC) April 24, 2023
The founder of Six Ventures Inc., Apostolopoulos specializes in real estate and private equity. He is the son of the late Andreas Apostolopoulos, who built one of Canada’s top private real estate corporations, according to The Toronto Star. ESPN reported that Steve Apostolopoulos attended Harvard, but Front Office Sports reported that he never graduated from the university.
Apostolopoulos said he believes “there’s a really good opportunity” to invest in a franchise. He called football “one of the best sports out there” and said that he believes the valuation of teams will continue to increase over time. For context, Snyder purchased Washington for $800 million in 1999.
“It’s a tremendous city,” Apostolopoulos said of Washington. “It’s a tremendous team. There’s lots of great things happening in that market. We’re real estate guys, so we look at it [from] a real estate standpoint as well. … We’re very excited to be in the process.”
Harris, by contrast, has not spoken publicly about his bid for the Commanders. The terms of Harris’ agreement with Snyder were sent to the NFL last week for an informal review, and The Washington Post reported that the league found only “minor issues” need to be tweaked for the deal. If the contracts become finalized, Harris’ group would have to be vetted and would need to receive votes to be approved by NFL owners. Harris also owns the NBA’s Philadelphia 76ers and the NHL’s New Jersey Devils.
Though Harris hasn’t granted an interview about the process, one of his partners — NBA legend Magic Johnson — spoke about the group’s bid this month in an interview on NBC’s “Today.”
Forbes reported that Harris’ deal includes 17 limited partners as Harris would be the managing partner who would own 30% of the franchise. Other notable investors include Maryland billionaire Mitchell Rales (12%) and Johnson (4%).
“I got a ring in every sport, but I need a Super Bowl ring,” said Johnson, who is also a minority owner in MLB’s Los Angeles Dodgers, the WNBA’s Los Angeles Sparks and MLS’ Los Angeles F.C. “And I would love to be the owner of the Commanders to not only do great work on the field, but [to do] the work we could do with the city.”
On Monday, CNBC asked Apostolopoulos about Amazon founder Jeff Bezos, who was long rumored to be a suitor for the Commanders but reportedly decided to not bid on the franchise.
“I only know what’s been reported in the news, but from what I’ve seen, he’s not participating in the process,” Apostolopoulos said.
• Matthew Paras can be reached at mparas@washingtontimes.com.
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