Josh Harris believes new Commanders ownership will create financial rebound with Dan Snyder out: report
Harris' 43-page prospectus broke down how Snyder's presence led to a 'disengaged' fan base
{{#rendered}} {{/rendered}}Washington Commanders prospective owner Josh Harris, who purchased the team from Dan Snyder for $6.05 billion, believes new ownership is going to lead to a financial windfall for the franchise.
A 43-page document, obtained by ESPN and prepared by Harris Blitzer Sports & Entertainment to entice investors to join Harris' bid, had the Philadelphia 76ers co-owner predicting that Snyder’s removal from ownership would lead to an increase in attendance, overall ticket sales, sponsorships and more.
There’s also the notion that Harris’ group will get Virginia to offer up to $1.5 billion in public funding for a new stadium, which would be close to double the current record set by the state of Nevada with $750 million for the Las Vegas Raiders’ new stadium.
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New Jersey Devils owner Joshua Harris addresses the media after the firing of general manager Ray Shero prior to a game against the Tampa Bay Lightning at the Prudential Center Jan. 12, 2020, in Newark, N.J. (Andy Marlin/NHLI via Getty Images)
The document stated that the Commanders made $173 million in local revenue last season, including ticket sales, sponsorships and more. But the real pull was Harris predicting the franchise can double that number by the 2031-32 season.
If a new stadium is built for the Commanders, Harris predicts $466 million in revenue per season by then.
{{#rendered}} {{/rendered}}"The Commanders historically ranked top in the league across all local revenue metrics and attendance" the document states, via ESPN. "However, the team has significantly spiraled as a result of allegations against current ownership. As ownership changes, we see opportunities to substantially drive local revenue and bring the team back to a top NFL market."
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One of the main points for investors, which includes NBA legend Magic Johnson, was the fact that Snyder’s reputation contributed to the team's financial woes. Fans liked the Commanders but didn’t like the Snyders owning the team, and that was evident with signs and other displays of displeasure at FedEx Field in recent seasons.
{{#rendered}} {{/rendered}}Snyder announced he was looking into a potential sale of the team in November after an ESPN investigation came out claiming Snyder had "dirt" on other NFL owners and commissioner Roger Goodell and would "blow up" the league if he exposed it.
This came as Snyder was under investigation for a toxic workplace, which remains one of the hurdles in the sale’s completion. Snyder is trying to get the league to limit the public findings of attorney Mary Jo white’s report on the Commanders’ toxic workplace environment that is coming soon.
Josh Harris addresses the media prior to a game between the New Jersey Devils and the New York Rangers at the Prudential Center Sept. 20, 2019, in Newark, N.J. (Bruce Bennett/Getty Images)
The prospectus broke down how Washington was a financial success in Snyder’s first half of his ownership because of a rock solid fan base. It also mentioned that the team was first in the NFL in attendance in 2008. But it says the franchise has a "disengaged" fan base with a 2021 attendance rating fell to 31st in the league."
{{#rendered}} {{/rendered}}"The team’s passionate fan base, historical loyalty and strong market suggest there is ample room to grow," the document states.
Harris, who has a reported net worth of $7.6 billion, according to Bloomberg, needed help to get the bid to Snyder’s liking at $6.05 billion. At least 12 investors are involved in the bid.
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{{#rendered}} {{/rendered}}However, there is confidence that Harris’ argument in the prospectus — that positive financials can quickly be seen on paper each year — will happen because the fan base wanted a new owner in place for years.
Harris also has experience with the Philadelphia 76ers, bringing their ticket sales from 27th in the NBA for the 2014-15 season to fifth for the 2021-22 campaign.
The bid for the Commanders still needs approval by the other NFL owners, and 24 of the 32 owners must approve the sale before it’s final.
{{#rendered}} {{/rendered}}Owner Joshua Harris of the Philadelphia 76ers reacts against the Brooklyn Nets during Game 1 of the first round of the Eastern Conference playoffs at the Wells Fargo Center April 15, 2023, in Philadelphia. (Mitchell Leff/Getty Images)
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"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," Dan and Tanya Snyder said in a statement when the sale was announced. "We look forward to the prompt completion of this transaction and to rooting for Josh and the team in the coming years."