Report: Josh Harris' Commanders Purchase Expected to Get Approval Despite Long Review

Josh Harris' $6.05 billion bid to purchase the Washington Commanders is expected to be approved despite having to go through a protracted review process.

Per The Athletic's Daniel Kaplan, there are "elements of the deal" that "would break the mold for an NFL franchise sale" because Harris' bid includes a group that includes 17 limited partners who "will require extensive vetting, with investors from outside the country making the process more challenging."

One person close to Harris told Kaplan they "believe" the sale will get approved, but the NFL is dragging it out because "they've never had to evaluate this type of bid."

Per Sportico's Scott Soshnick, the $6.05 billion bid from Harris' group was submitted to the NFL after being accepted by Dan Snyder.

NBA Hall of Famer Magic Johnson and billionaire Mitchell Rales are among the people in the group. ESPN's John Keim noted at the time the deal wasn't signed and the offer was considered non-exclusive, "leaving the door ajar for another group to perhaps win the bidding."

Canadian businessman Steve Apostolopoulos, who also submitted a fully-financed bid of $6 billion to the Snyder family, told CNBC's Andrew Ross Sorkin on April 24 he's "still in the hunt" to purchase the franchise.

Kaplan noted team buyers are permitted to borrow up to $1.1 billion secured against the franchise, which is included in Harris' proposal, and he will add more debt secured against the other sports teams he has an ownership stake in.

According to Kaplan, Harris' plan would raise questions about what might happen if he defaulted on the debt:

"When Snyder bought the team and Jack Kent Cooke Stadium in 1999, his limited partners at the time borrowed against their personal businesses to help finance the deal. The league was OK with that because if those loans ever went into default, it would not affect the controlling partner. But in this case, it is the controlling partner who would be borrowing against his other businesses."

Harris is the managing partner for the Philadelphia 76ers and New Jersey Devils, and the general partner for Crystal Palace F.C.

Per Kaplan, the proposed sale is on the agenda for the NFL finance committee meeting taking place on Wednesday. There's also an owners meeting scheduled for May 22-23, and it's possible Harris' bid could receive a conditional vote during that time.

Dan and Tanya Snyder have owned the Commanders since 1999 after purchasing the franchise for $800 million following the death of Jack Kent Cooke.

The $6.05 billion sale price would break the previous record for an NFL franchise. The Walton-Penner family purchased the Denver Broncos for $4.65 billion last year.