Magic Johnson Just Put In A Massive Bid To Buy The Washington Commanders

By on March 30, 2023 in ArticlesSports News

Washington Commanders owner Dan Snyder announced he was exploring selling the team in late 2022. This announcement came after the NFL conducted an investigation into the Commanders, finding a workplace of sexual and verbal misconduct.

A few ownership groups have already submitted bids, though Snyder is reportedly seeking at least $6 billion in any sale. Now, there's at least one group that's reached that amount — and it features an NBA legend.

Per ESPN's Adam Schefter, former Los Angeles Lakers star Magic Johnson, Philadelphia 76ers owner Josh Harris, and billionaire Mitchell Rales offered the full $6 billion for the Commanders.

Derek White/Getty Images

If Snyder agrees to sell, this would be the largest sale of a team in professional sports history. In the summer of 2022, Walmart heir Rob Walton purchased the Denver Broncos for $4.65 billion. Snyder was likely using that deal as a barometer, though the long-term value of the Broncos appears to be higher. Since the Commanders last won a title in 1992, the Broncos have reached four Super Bowls and won three of them. And despite the worst season of his career last year, the Broncos have a star quarterback in Russell Wilson and a high-profile coach in Sean Payton.

Still, for all intents and purposes, the actual worth of the Commanders is whatever someone's willing to pay for the team. It's looking like Snyder might get his asking price, which would be a huge return on investment. He bought the then-Redskins in May 1999 for $800 million. It was a record price at the time, so perhaps it's no surprise Snyder wants to set another record while selling the team. And if he successfully completes this deal, he'll make 650% more than what he paid.

The sale of the franchise has been a hot topic of conversation over the past year. Perhaps the most intriguing storyline was the potential involvement of Jeff Bezos as a buyer. Snyder reportedly is not a fan of Bezos due to the Bezos-owned Washington Post writing unflattering articles about the Commanders' owner. Rumors swirled that Snyder was blocking Bezos from purchasing the team. It's a wild theory, but with all the parties involved, it's not entirely farfetched.

Should the deal go through, Johnson will add the Commanders to an extensive pro sports portfolio. He already has stakes in the Los Angeles Dodgers, Los Angeles Sparks, and LAFC. Now, he might literally own both coasts — or at least teams across the country.

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