Josh Harris Meeting with NFL; Commanders Sale Soon?
Josh Harris, who agreed to purchase the Washington Commanders last month, is set to meet with the NFL's finance committee on Wednesday, ESPN reports.
This meeting marks another milestone towards a potential vote by NFL owners to approve the sale during the coming months.
According to an ESPN source, Harris has been collaborating with the NFL to make the necessary adjustments to his offer in order to finalize the sale. He will be meeting with the eight members of the finance committee in New York. The initial report of the meeting was made by The Washington Post.
Jim Irsay, the owner of the Indianapolis Colts and a member of the finance committee, stated that Harris needed to comply with NFL guidelines regarding the debt load and equity amount in his offer. NFL regulations mandate that a prospective owner must hold a minimum 30% equity stake in the team and should not take on more than $1.1 billion in debt.
Per ESPN, multiple sources familiar with the process have expressed confidence in the completion of Harris' deal, citing the owners' motivation to move on from Snyder and Harris's desire to acquire his hometown team.
The Harris group signed an exclusive agreement with Dan and Tanya Snyder on May 12 to acquire the Commanders for a record-breaking price of $6.05 billion, pending approval from NFL owners. This offer surpassed Steve Apostolopoulos' bid of $6 billion.
The timing of the sale's completion remains uncertain. However, if the upcoming meetings, including subsequent ones by the committee, go well, it is possible that the sale will be resolved this summer.
Once the sale is recommended for approval, Harris will require votes from 24 out of the 32 owners to proceed.
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