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Basketball legend and entrepreneur Magic Johnson has joined Josh Harris, the co-owner of the Philadelphia 76ers and NHL’s New Jersey Devils, in a bid to purchase the Washington Commanders, according to The Associated Press.
Johnson presently has an ownership stake in the Los Angeles Dodgers of Major League Baseball, the Los Angeles F.C. of Major League Soccer, and the Los Angeles Sparks of the WNBA. He was previously part of an effort by Harris to purchase the Denver Broncos.
Forbes estimates the Commanders are worth $5.6 billion, AP reported. If sold at that price, it would be the highest amount paid for a North American sports franchise.
Washington-area billionaire Mitchell Rales is reportedly a part of the Harris group, AP reported.
Commanders owners Dan and Tanya Snyder last year tapped Bank of America Securities to explore selling the franchise. The organization has dealt with multiple investigations by congressional and local authorities on sexual harassment allegations, fostering a hostile work environment and the NFL has probed it for financial improprieties. Any sale of the team would need the approval of three-quarters of NFL owners.