(Disclosure: Josh Harris is a co-founder and handling partner at Apollo Global Management, which owns Yahoo, Inc.)
Billionaire Josh Harris is supposedly shopping the Washington Commanders, and his quote might have simply gotten some Magic. Actually.
According to Sportico, NBA legend and Hall of Famer Magic Johnson is signing up with the group Harris has actually put together to bid on the Commanders. It’s not understood just how much cash he’s investing, though the group currently has a lots of sponsorship. Beyond Harris, who deserves over $7 billion as co-founder and handling partner at Apollo Global Management, the group likewise apparently consists of American entrepreneur Michell Rales, who deserves over $6.5 billion.
Both Harris and Magic have considerable experience when it concerns either purchasing groups or becoming part of an ownership group. Magic is part-owner of the Los Angeles Dodgers, and owns stakes in the Los Angeles Sparks and Los Angeles FC, and was apparently thinking about purchasing into the Las Vegas Raiders in 2015. Harris Owns the Philadelphia 76ers, the New Jersey Devils and is an investor in Crystal Palace FC.
This is not the very first time Harris and Magic have actually signed up with forces. They were both part of the ownership group that stopped working to purchase the Denver Broncos in 2022. That franchise ultimately offered to the Walton household for $4.65 billion, which is presently the U.S. record for the majority of pricey sports group purchase.
The sale of the Commanders is anticipated to top that by potentially $500 million or more. Forbes positioned a $5.6 billion appraisal on the group, which is almost $1 billion more than the Broncos’ price. While the Commanders are most likely utilizing their own assessment figures, the informal assessment does something: set the expectation that when the Commanders offer, it’ll be for more cash than anybody has actually ever paid to own an American sports group.
