Stick a fork in him; he’s done. Dan Snyder is no longer at the helm of the Washington Commanders, bringing to an end a long-running saga of pain and agony for the team. Coming in are several veterans in the sports team ownership bracket, ready to restore the team’s reputation.
In a decision made on Thursday, NFL owners gave their nod of approval to the transfer of ownership of the Washington Commanders. This transfer paves the way for Josh Harris to join the group of owners, as they bid farewell to Snyder.
League teams finally had their heavily anticipated vote, conducted only hours after the NFL’s financial committee greenlit the sale and purchase agreement. Publicly revealed back in May, the agreement had to overcome an additional hurdle; league regulations demanded the support of no less than 24 out of the 32 owners for the deal to go through.
Various media sources circulated reports about the deal’s value, estimating it to be $6.05 billion, making Harris the primary owner of the most valuable sports team in North America. The breaking news has substantiated the fact that the Commanders pick up a new owner just in time for the upcoming season and next week’s start of training camp.
Snyder’s tenure in Washington, which covered 24 seasons, finally concludes with this milestone. Throughout his time, numerous controversies and scandals arose, with a string of investigations exposing claims of sexual harassment, insufficient funding, and a detrimental work environment prevailing within the union.
Magic Johnson also embraced the opportunity to become a co-owner of the Washington Commanders during the upheaval. This venture into team ownership is not unfamiliar to him, as he already holds a minor share in the Los Angeles Dodgers, which was acquired by Guggenheim Baseball Management in 2012. In addition, he holds pieces of the Los Angeles Sparks of the WNBA and the Los Angeles FC of the MLS.
Snyder To Pay Massive Fine
The release of a report by the NFL on Thursday validated the accusations of sexual harassment made against Snyder. The investigation also shed light on intentional efforts made by the team to illegally reports its financials.
Former US Attorney Mary Jo White and a group of independent lawyers presented a comprehensive 23-page report investigating Snyder and his crew. According to a statement, upon the conclusion of White’s findings and any unresolved matters, Snyder has agreed to pay approximately $60 million, which equates to roughly 1% of the sale price.
After a wait of over 17 months, the much-anticipated report was finally unveiled. This report had been commissioned by the NFL, appointing White, a former chair of the Securities and Exchange Commission, to conduct an investigation into Snyder and other officials. Surprisingly, it also became a conclusion to his tenure as the owner of Washington’s renowned sports franchise.
In February 2022, appearing on Capitol Hill, Tiffani Johnston, a former Commanders cheerleader, disclosed an incident involving Snyder. While questioned by the House Oversight Committee in its investigation of the team, she revealed that Snyder had made unwanted sexual advances during an official dinner.
Snyder firmly rebuffed Johnston’s assertions, calling her a liar. However, her claims were corroborated by four witnesses who distinctly recalled him discussing the incident soon after it occurred. It didn’t help his case that he discussed details of the incident with another Commanders executive via text message.
There was also a significant paper trail showing how team employees had tried to cover up the misallocation of company revenue. An employee even admitted to knowing they were conducting illegal operations, telling the team’s then-CFO, “If the NFL had a jail … we would be in it.”