Dan Snyder, Commanders Officially Enter Purchase Agreement with Josh Harris' Group

The Washington Commanders and a bidding group led by Philadelphia 76ers and New Jersey Devils owner Josh Harris have reached a purchase and sale agreement, it was announced Friday.

The agreement calls for the Harris-led group to acquire the Commanders from Daniel and Tanya Snyder. The deal is subject to NFL approval. Twenty-four of the league's 32 owners must approve the sale of the team.

"We are very pleased to have reached an agreement for the sale of the Commanders franchise with Josh Harris, an area native, and his impressive group of partners," the Snyders said in a statement. "We look forward to the prompt completion of this transaction and to rooting for Josh and the team in the coming years."

NFL Network's Ian Rapoport noted that with the spring league meeting coming up in late May, "the Commanders officially could have a new owner."

The group led by Harris was the "only" serious bidder for the Commanders, A.J. Perez of Front Office Sports reported in March.

The Harris consortium, which includes NBA legend Magic Johnson and billionaire businessman Mitchell Rales, submitted a $6 billion bid to purchase the Commanders from Daniel and Tanya Snyder in March, ESPN's Adam Schefter reported.

Canadian real estate executive Steve Apostolopoulos also reportedly submitted a $6 billion bid for the franchise, but Perez reported that there were "questions over whether he has the financial wherewithal to be considered a serious contender."

Houston Rockets owner Tilman Fertitta was interested in purchasing the Washington franchise, as was Amazon tycoon Jeff Bezos, who hired a firm to explore a bid. However, Bezos never made an offer, and it's possible the Snyders blocked him from doing so.

The Bezos-owned Washington Post "published several investigative stories over the past three years that led to issues for Snyder and the organization," per ESPN's John Keim.

Daniel and Tanya Snyder announced in November that they had hired Bank of America Securities to consider possible transactions after sustained pressure for them to sell the team.

While the NFL did not force the Snyders to give up the Commanders, tensions surrounding the longtime owners of the club continued to rise amid a tenure that has been stained by investigations into alleged workplace misconduct and financial improprieties.

Former United States Securities and Exchange Commission chair Mary Jo White is leading an investigation into Daniel Snyder and the Commanders in regard to sexual misconduct allegations. White is also investigating financial improprieties allegations made by the U.S. House Committee on Oversight and Accountability.

ESPN's Don Van Natta Jr. and Seth Wickersham reported Friday that Daniel Snyder and his lawyers were "lobbying the NFL to limit the release" of White's investigation.

Daniel Snyder purchased the Commanders for $750 million in 1999. The franchise is now valued at $5.6 billion, according to Forbes.

The impending sale of the Commanders to the Harris-led group will set an NFL record by topping the $4.65 billion Walmart heir Rob Walton paid for the Denver Broncos in the summer.