The $6 Billion Bargain

AS 63, 000 DIEHARD FANS pour into Raymond James Stadium in Tampa, Florida, for the Buccaneers' season opener against the Washington Commanders, billionaire Josh Harris, Washington's new controlling owner, is feeling the heat. It is 90 degrees on this early September afternoon, and sweat is...

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Veröffentlicht in:Forbes 2024-10, Vol.207 (5), p.126
Hauptverfasser: Ahuja, Maneet, Tucker, Hank
Format: Magazinearticle
Sprache:eng
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Zusammenfassung:AS 63, 000 DIEHARD FANS pour into Raymond James Stadium in Tampa, Florida, for the Buccaneers' season opener against the Washington Commanders, billionaire Josh Harris, Washington's new controlling owner, is feeling the heat. It is 90 degrees on this early September afternoon, and sweat is seeping through his maroon polo. He paces the held perimeter with security in tow, beaming as he shakes hands, poses for pictures and signs hats for Commanders supporters praying for a winning season. Harris hears an eager fan shouting his name. His T-shirt reads we almost always almost win. A humorously defeatist attitude befitting the last 30 years of Washington football. "They went through a lot, and they've been there a long time waiting for this, " says the 59-year-old Harris. "Having grown up [near D.C.], it's very personal for me. Obviously, you have to deliver, right? T stay up at night thinking about that." As the Harris era begins, there's a lot at stake. The $6 billion he paid for the Commanders last year - besting interest from the likes of JefF Bezos and Tilman Fertitta - ended Daniel Snyder's scandal-plagued tenure and set a record for the sale of an NFL team. To get the deal done, Harris as- For a kid who grew up in Chevy Chase, Maryland, whose parents spent 25 years on the waiting list for season tickets to see the then-Washington Redskins play at historic RFK Stadium, it's a dream come true. It also fits nicely into the private equity titan's snorts portfolio, which includes the Philadelphia 76ersf the NHL's New Jersey Devils, English soccer club Crystal Palace and Nascar team Joe Gibbs Racing. Soon Harris is likely to he joined in the exclusive NFL owners· club by more of his buyout-fund brethren. Last month the NFL became the last major professional league to open its doors to private equity firms, with owners voting 31-1 - Cincinnati's Brown family was the only dissent-to allow a select group of approved firms to buy up to 10% of each team, subject to several other restrictions, such as a minimum holding period of six years. It's a watershed moment for a league that has seen team values skyrocket into the mullibillion-dollar range, severely limiting the pool of potential buyers.
ISSN:0015-6914
2609-1445