According to multiple reports, Josh Harris will meet with the NFL Finance Committee on Wednesday to discuss the pending $6.05 billion acquisition of the Washington Commanders.
The meeting is the next step for the league, which has been considering a deal with Harris last month after reaching an agreement to buy the team from owner Dan Snyder. The NFL is reportedly taking issue with Harris’ bid due to the complexity of the contract, but commissioner Roger Goodell told reporters last month that he still expects the owner to eventually approve the sale. said.
But Harris and his group are committed to resolving any issues in order to close the deal. Multiple reports over the weekend indicated that the league could be in a position to vote on a sale later this summer if a meeting with Harris’ finance committee goes well, possibly at training camp in late July. ESPN reported that there is a possibility even before the start.
Harris’ deal to buy the Commanders requires 24 of 32 votes from NFL owners.
NFL owners aren’t scheduled to meet again until October, but the league could call a special meeting if necessary to reach an agreement. That’s what happened last August when the league suddenly scheduled an owners meeting to approve Rob Walton’s $4.65 billion acquisition of the Denver Broncos.
At a league conference in Minnesota late last month, Indianapolis Colts owner Jim Arthy said the Commanders’ sale was still “a little way off” before it was finalized, and Harris’ group was on board with the league. He told reporters that he had to follow the policy of
Some of the complexity resulting from Harris’ contract centers around the number of limited partners involved in his group. Harris’ group reportedly includes 20 limited partners, all of whom must be vetted by the league. Harris, the managing owner of the NBA’s Philadelphia 76ers and NHL’s New Jersey Devils, has partnered with Maryland billionaire Mitchell Lares and NBA legend Magic Johnson. .
The Washington Post reported that some NFL owners are also concerned about the debt Harris is willing to take on the deal. League rules allow owner groups to incur up to $1.1 billion in debt.
After Harris’ meeting this week, the NFL Finance Committee, which consists of eight owners, including Arcee, will reportedly meet separately in the coming weeks to further discuss the commander’s sale. ing.
Mr. Goodell said last month of Mr. Harris’ deal, “I think we’re going to get it to the point where it’s approved.” “We work hard. … There is a lot of due diligence as well as compliance issues. All of that is happening and running at full speed.
“We have been in contact with the Finance Committee and will alert members as well as the media when the Finance Committee is ready to make recommendations and will meet at an appropriate time.”