Getty Owner Joshua Harris of the Philadelphia 76ers.
Josh Harris, the prolific owner of the Philadelphia 76ers, owns a robust sports portfolio. Harris owns the Sixers and counts the NHL’s New Jersey Red Devils and English Premier League’s Crystal Palace among his investments. And back in June 2020, Harris and his business partner David Blitzer purchased a minor stake in the Pittsburgh Steelers.
But that might not be the end for Harris. According to Mike Rosenstein of NJ.com, Harris could expand his sports empire by adding a despised team to his portfolio.
“On Wednesday, the Washington Commanders announced Snyder is exploring options to sell his team.
“It stands to reason that one bidder could be Harris, who is a co-owner [of] the New Jersey Devils and Philadelphia 76ers.
“After all, earlier this year, Harris tried to buy the Denver Broncos, who went for $4.65 billion to the Walton-Penner family ownership group, headed by Walmart heir Rob Walton; his daughter, Carrie Walton Penner; and her husband, Greg Penner.”
It’s easy to point to Jeff Bezos as the potential buyer of the Commanders, but the Amazon/NFL TV deal could complicate matters. So who else makes sense? 2 names to watch: Josh Harris and Todd Boehly
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The Commanders, of course, are division rivals of the Philadelphia Eagles. While it would certainly be a conflict of interest according to any Philly sports fan, it’s likely just “business” for Harris.
Commanders Could Be Looking To Sell
Earlier in the week, The Athletic reported that Dan Snyder, the owner of the Commanders, could be “exploring” selling the team after a series of scandals and investigations revolving around Snyder’s tenure.
“It’s unclear whether the Snyders are considering selling their controlling stake in the team or a minority stake, however. ‘We are exploring all options,’ a team spokesperson told The Athletic.”
The biggest decision facing Harris’ proposed purchase of the Commanders is likely the price tag. According to Forbes, the Washington team is valued at a gargantuan $5.6 billion, well north of the Broncos’ $4.65 billion sale a few weeks back. While the Commanders have been a pile of hot garbage lately, the team resides in a major media market with a storied history of success.
And as Daniel Kaplan and Ben Standig of The Athletic noted, there are plenty of other reasons to be interested in the Commanders, and a football team more generally.
“A new owner might also expect relieved public officials to open up the coffers for a new stadium, further aiding the team’s value.
…
“Do remember that for as pricey as these teams are now, the purchase comes with a big tax break. The IRS allows buyers of sports teams to deduct the depreciation from their taxes for 15 years after the purchase.”
Who Else Might Be Interested in Commanders?
Josh Harris likely isn’t the only billionaire looking to add a new name to their portfolio. According to si.com, the list of likely bidders includes others interested in purchasing the Denver Broncos, like Harris, Blitzer, Los Angeles Dodgers owner Mark Walter, and Michigan State University booster Mat Ishbia.
And don’t count out Jeff Bezos, the Amazon founder who si.com already has connections with the DMV.
“Amazon founder Jeff Bezos because of his ties to the D.C. area, having bought The Washington Post, and overall wealth will be mentioned on every list of potential buyers until he says he’s out. That Amazon is now a broadcast partner might’ve been a concern previously for some owners, but is less so since he’s stepped down as the company’s CEO. Which would seem perfect except for this—there’s significant doubt in league circles that Snyder would ever sell to Bezos because of his animus for the Post.”
All of this depends on a rather monstrous if: if Dan Snyder decides to sell the team. He’s been reticent to do so in the past.