Incoming Commanders owner Josh Harris has predicted massive financial gains with Dan Snyder’s exit from the organization, according to a new report.
Snyder announced Friday that he has reached an agreement with Harris – who also owns the 76ers and co-owner of the NHL’s Devils – for a grossed $6.05 billion.
And in a prospectus prepared by Harris Blitzer Sports & Entertainment and its advisers and obtained by ESPNHarris opened up on what he thinks will happen in DC once Snyder officially steps down as owner – including a massive revenue boost, huge state support for a new stadium and major funding for improve FedEx Field.
The document forecasts the team’s total revenue to rise from $545 million last year to $959 million in 2032-33, while gate revenue and local revenue are expected to double over the next nine years. .
The latter metric, which includes tickets and sponsorships, was $173 million last season, Harris expects it to hit $380 million by 2031-32.
Josh Harris led an ownership group that agreed to buy the Washington Commanders
Dan Snyder has owned the Commanders since his $800 million purchase of the team in 1999
In the same timeframe, Gate revenue is expected to grow from $58 million last season to $127 million.
Additionally, the document outlines the possibilities of building a new stadium, as Harris and the franchise may consider leaving FedEx Field, which has existed (formerly as Jack Kent Cooke Stadium) since 1997.
While the prospectus lists the site of Robert F. Kennedy Memorial Stadium and even the site of FedEx Field as possible locations for a new stadium, it predicts that Virginia will offer the best incentive package, “potentially up to $1.5 billion. dollars,” ESPN wrote.
And the development of a new stadium should further increase revenue, if that happens.
The projected $959 million in total revenue for 2032-33 would be $1.05 billion with a new stadium, while the projected $380 million in local revenue for the 2031-32 season would turn into $466 million. .
“Commanders have historically ranked top of the league in all local revenue and attendance metrics,” the prospectus writes.
“However, the team has grown significantly following allegations against current ownership.” As ownership changes, we see opportunities to significantly increase local revenue and bring the team back into a top NFL market.
Snyder, 58, has faced calls from fans to sell the struggling team for years, but pressure has been mounting since 2020 following accusations of sexual harassment, financial impropriety and obstruction against the team and Snyder himself.
According to Washington Post Report 2020 who first discovered the claims.
A former cheerleader also alleged that Snyder suggested she join his “close friend” in a hotel room in 2004 so they “could get to know each other”.
Snyder denied this claim in a 2020 statement: “I want to state unequivocally that this never happened.”
While commanders fired numerous people accused of sexual harassment and fined the NFL $10 million, Snyder defiantly denied the charges against him in the face of subsequent investigations.
Snyder’s massive unpopularity among the other owners is said to have played a role in the success of Harris’ bid.
According to ESPN, there is “no way” the owners will approve the offer if not for Snyder, as Harris had to recruit at least a dozen other investors, including Magic Johnson and his business partner David Blitzer. , to help fund the deal.
Snyder, seen with wife Tanya, has faced calls from fans to sell the struggling team for years
The Commanders, formerly known as the Washington Redskins, have appeared in the playoffs six times since Snyder bought the team in 1999. There have been 10 head coaches in that time.
The article also said the document showed the commanders owed the NFL $1 billion.
Nonetheless, with Harris set to take over the franchise, optimism reigns in Washington.
“There are only advantages on the other side,” team president Jason Wright told ESPN in March.
“There will be growth…because there are people who choose not to do business with us and will choose to do business with us now.”
Aside from a possible new stadium, Harris outlined efforts he would make to improve the team’s current home, FedEx Field.
He estimated he spent approximately $88 million to “help establish the property’s commitment to the fan/player experience”, which includes a new video card and revamped locker room.
The document also says the Harris Ownership Group will assume the $100 million cost for “immediate structural repairs” and maintenance of FedEx Field.
