Canadian billionaire Steve Apostolopoulos has submitted a fully-funded $6 billion offer for the Washington Commanders after reports of the Josh Harris led faction submitting a bid Tuesday. Growing belief around the NFL is that a purchase agreement for the Commanders could be in place by the NFL Draft, reports ESPN’s Adam Schefter.
This is the second official submission that meets Dan Snyder’s asking price, suggesting a sale is all but guaranteed. Ever since allegations of a hostile work environment and sexual harassment within the organization, Snyder has been under constant pressure to sell.
If either bid is accepted by Snyder, the deal would break the previous record sale for a franchise set last year. Walmart heir Rob Walton bought the Denver Broncos for $4.65 billion last August.
Although Snyder was originally reluctant to sell the franchise, it was never for a lack of opportunity at a profit. Either of these bids would be 7.5 times the price Snyder originally bought the franchise for at $800 million, 24 years ago.
Reports of submitted bids come during the ongoing NFL owners meetings, suggesting the sale is a topic of conversation in Arizona. The meetings were originally rumored to be a potential introduction for a new Commanders owner, but the NFL Draft now looks to be the target date.
The NFL world will now wait for Dan Snyder in deciding who ends up purchasing the team. Apostolopoulos would be the first Canadian NFL owner if he and his team comes out on top in the bid for the Washington Commanders.