John CameESPN Staff WriterRead in 2 minutes
Josh Harris, who reached an agreement to buy the Washington Commanders last month, plans to meet with the NFL’s Finance Committee on Wednesday, multiple sources confirmed to ESPN.
This marks another step toward a potential vote by NFL owners to approve the sale this summer.
A source told ESPN that Harris is working with the NFL to make the necessary adjustments to the offer to complete the sale. He will meet eight members of the finance committee in New York.
The Washington Post was the first to report the meeting.
At an owners’ meeting last month, Indianapolis Colts owner Jim Irsay, who is a member of the Finance Committee, said Harris would have to follow NFL guidelines from total debt to the amount of equity in the offer. Future owners must own 30% of the team’s shares and cannot owe more than $1.1 billion.
The Harris Group also has 20 limited partners, each of which must be vetted for financial and security reasons, according to people familiar with the matter.
A Harris Group spokeswoman declined to comment.
On May 12, Harris signed an exclusive deal with Dan Snyder and Tanya Snyder to buy the Commanders for a record $6.05 billion, subject to NFL owner approval. That surpassed Steve Apostolopoulos’ offer of $6 billion.
Last year, the Waltons reached an agreement to buy the Denver Broncos for $4.65 billion on June 7th. They had limited partners he had only three. The owners did not cast their approval votes until August 9.
People familiar with the process expect the deal to close for Harris, citing the motivations of owners moving away from Snyder as well as buying his hometown team.
Harris was born in Chevy Chase, Maryland, and attended high school in Washington, DC. Sources say the Snyder family is also keen to move on.
It remains unclear when the sale will be completed, but if all goes well on Wednesday (the committee plans to meet separately in the coming weeks), it could be resolved this summer, possibly by the start of training camp in late July. There is a possibility that
Prime Minister Irsay said last month that a special parliament could be scheduled for July 4 or later.
If approval is recommended, Harris will need the votes of 24 of the 32 owners.
“I think we’re going to get it to the point where it’s approved,” NFL Commissioner Roger Goodell said last month.