July 20, 2023

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One of the first NFL owners meetings I covered was a 1999 session approving the sale of the Washington franchise to Dan Snyder, a record deal made in the hopes that the Maryland native would extend the team’s substantial legacy. After 24 ugly years for the organization, another NFL meeting was the site of a Washington team sale approval — but this time with a sense of relief.

Meanwhile, the Atlanta Braves look to continue their organizational success as a standalone public company, and the Green Bay Packers’ latest financial results reflect the NFL’s complex landscape. 

— Eric

Josh Harris Unanimously Approved as Next Owner of Commanders

Bill Streicher-USA TODAY Sports

BLOOMINGTON, Minn. — The Dan Snyder era is officially over. 

NFL owners voted unanimously to approve Josh Harris’ $6.05 billion purchase of the Washington Commanders at a special meeting on Thursday. 

The vote effectively closes the most expensive transaction for a sports franchise ever — and, in turn, ends Snyder’s 24-year run that produced more controversies than success. Just as the NFL confirmed the results of the vote, the league announced it had levied a $60 million fine and released the findings from the Mary Jo White investigation.

“Obviously, it was a long process,” Harris said following the vote. “Sometimes that’s what happens. We’re very excited to get to work and to start the new era of Washington football. We are humbled and awed by the level of responsibility that we have to take care of the city and to win championships. and really to excite the fans again.”

Harris needed at least 24 votes for approval; he received all 32, including from Dan Snyder’s longtime lawyer, Norm Chirite, who represented Snyder here.

Harris, the managing owner of the New Jersey Devils and Philadelphia 76ers, enters with 20 limited partners — four under the NFL limit. The co-owners include David Blitzer — Harris’ partner with the Devils and 76ers — along with billionaire Mitchell Rales, Magic  Johnson, former Google CEO Eric Schmidt, and security firm exec Mark Ein. 

Harris now has full control of the franchise that — despite the record purchase price — needs a lot of work through a mix of neglect and controversies under Snyder. Harris grew up just outside D.C. in Maryland where he rooted for the Commanders as did Rales and others in the ownership group.

“One of my first memories as a child was walking down East Capitol Street to RFK Stadium, [and] hearing the roar of the crowd and feeling the rumble,” Harris said. “I grew up watching Sonny Jurgensen, Billy Kilmer, Joe Theismann, Mark Rypien , Doug Williams, The Hogs, Joe Gibbs, Darryl Green and the three Super Bowls.

“But being a fan is not enough to be successful. We understand that we need to win championships, create a positive impact on the community, and create incredible memories and great experiences for our fan base.”

At the top of the list is seeking a new stadium to replace FedEx Field in Landover, Md. Johnson met with Maryland Gov. Wes Moore in the spring as part of that effort. However, a potential move back to D.C. or Northern Virginia could be in the offing. 

In a statement released Thursday after the vote made Harris’ purchase official, Moore said in a statement that his administration “has already put forward major economic and transportation investments near FedEx Field along the Blue Line Corridor, which includes $400 million in state funding.”

“Maryland is excited to welcome this new leadership group and looks forward to working together on a vision for the next generation of Commanders football,” Moore’s statement continued.

Snyder put the team on the market in November, and it took several weeks before it became clear he was going to offload the entire franchise e led an ownership group to purchase for $800 million in 1999. 

Harris and Snyder came to a final agreement in May, and the NFL finance committee was comfortable enough with the deal to schedule Thursday’s vote last month. 

At this hotel attached to Mall of America nearly a year ago, the last NFL team Harris bid on changed hands at a special meeting. Walmart heir Rob Walton outmaneuvered Harris to acquire the Denver Broncos for a $4.65 billion purchase. 

Braves President: Liberty Has No Imminent Plans To Sell Club

Brett Davis-USA TODAY Sports

Atlanta Braves president and CEO Derek Schiller admits to regularly checking the team’s stock price, now that it’s a standalone public company.

But beyond those peeks at the market, the longtime team executive is attempting to make the team’s split from Liberty Media as insignificant an internal shift as possible.

The Braves completed their long-planned split from Liberty this week and began trading on Wednesday. As MLB’s best team on — and perhaps off — the field, the Braves’ organizational plan is to continue that run of success unimpeded.

“We’re going to operate the same way today that we did yesterday,” Schiller told Front Office Sports. “The way we’ve enjoyed success is still the recipe moving forward. The main difference now is more disclosure — which means more lawyers, more accountants, and more eyeballs on those sorts of things.”

Braves stock fell 15% on its first day after a 24% jump at the opening bell, but the team carried a market capitalization of $2.74 billion at the beginning of trading, in line with external valuations.

The split is seen as a potential precursor to the sale of the club, as the corporate separation eases the tax implications of such a deal. But Schiller said a sale isn’t imminent, even as Liberty chairman John Malone controls nearly half the team’s shares.

“Liberty Media has given no indication of selling the team — in fact, quite the opposite,” Schiller said. “They’ve been quite happy, and everything they’re telling us is to keep it going.”

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Packers’ Financials Highlight Tricky Landscape In NFL’s $25B Quest

Syndication: Green Bay Press-Gazette

The NFL is a cash cow, but owning one of the league’s 32 franchises doesn’t mean you’ll be printing money 24/7.

Figures from the annual financial report of the Green Bay Packers — the NFL’s only publicly owned team — reveal the give-and-take in which clubs are obliged to participate as the league marches closer to its revenue goal of $25 billion per year.

Every NFL team was on the hook for a share of the league’s $790 million settlement paid out to St. Louis — which reportedly amounted to about $7 million per club after Stan Kroenke agreed to pay $571 million for his role in moving the Rams to Los Angeles.

But the Packers say they missed out on significant local revenue — which was up 2% to $235.9 million — because they gave up a home game to play in London against the New York Giants last season. With the exception of the Jacksonville Jaguars — who have a unique arrangement with the NFL for London games — teams don’t keep revenue from international games managed by the league.

That all contributed to a 12% decrease in operating profits to $68.6 million for the Packers, despite their record revenue of $610.3 million. 

The team said that without the settlement payment or London game, the financial picture would’ve been better — a reality more NFL team owners will have to navigate in the league that generates more revenue than any other in the U.S.

Conversation Starters

  • Before today, New Zealand had never won or hosted a Women’s World Cup game, but the Football Ferns just stunned Norway 1-0 at home in front of 42,137 people — the largest soccer crowd in the nation’s history.
  • On Wednesday night, UNC Chapel Hill sold out its 51,000-seat Kenan Memorial Stadium for a friendly between Wrexham and Chelsea — its first time hosting an international soccer match.
  • The New England Patriots and the Kraft Family are finalizing $250 million in renovations to Gillette Stadium, the largest upgrade in its history. The finished project — set to be ready by Week 1 this season — will feature a 22-story lighthouse, new premium spaces, and the largest video board of its kind in the country.

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Editor's Picks

BodyArmor Founder Acquires Majority Stake In NOBULL 

by Andrew Cohen
NOBULL was valued at $500 million in 2021.

Pro Golfers Are Hitting Balls Farther Than Ever. One Rule Could Change That.

by David Rumsey
The R&A and USGA hope to rollback the distance of golf shots.

Senators Introduce Bipartisan Bill to Regulate NIL in College Sports

by Andrew Cohen and Amanda Christovich
The drafted federal NIL policies would supersede state laws.

50 Years After His Death, Lee’s Legacy Inspires Generations Across Sports, Culture

by Branson Wright
The icon died from a reported cerebral edema at age 32.

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Written by A.J. Perez, Eric Fisher, David Rumsey
Edited by Matthew Tabeek, Brian Krikorian

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