Josh Harris' financial adjustments for Commanders sale
Despite the Washington Commanders' sale proceeding as expected, there were a few concerns about the $6.05 billion agreement between Dan Snyder and Josh Harris' ownership group. All parties remained hopeful everything could be worked out, with a pivotal meeting with the NFL's finance committee last week set up to iron out any remaining obstacles.
This reportedly centered on the private equity structure associated with the record-breaking deal potentially breaking league rules. But according to Mike Ozanian of Forbes, Harris has agreed to alter the initial documentation in readiness for a formal vote among other NFL owners.
"Although the private equity funds would not have directly owned equity in, or loaned money to, the Commanders, the NFL was concerned that the private equity financing skirted NFL rules. The private equity financing for the $6.05 billion deal was to come from Arctos Sports Partners and Ares Management. The Arctos loan was against Harris Blitzer Sports & Entertainment, according to two sources familiar with the negotiations who requested anonymity."- Mike Ozanian, Forbes
It's all very intricate and for most, boring. All that matters to fans is everything working out positively and the Commanders falling into different ownership at the earliest possible opportunity.
Harris and his team of investors have a reported net worth of $100 billion, which is reason enough for optimism. Given how desperate everyone is to rid themselves of Snyder, perhaps certain elements of a typical transaction might be overlooked in this instance.