Former athlete Magic Johnson and his associates are in the running to purchase an NFL team.
The basketball All-Star and his partners have submitted an offer to purchase the Washington Commanders.
According to ESPN, on Tuesday, March 28, the news broke adding that the group headed up by billionaire Josh Harris dropped their bid to own the team but it would not be an easy road. They have competition.
Johnson linked with Harris’ group because they have already been successful in the sporting field.
Harris is the co-founder of Apollo Global Management and also owns the NBA’s Philadelphia 76ers and co-owner of the NHL’s New Jersey Devils.
The Commanders would be a coup for the businessman and his partners, adding a football team to their portfolio.
Reports say that Johnson and the Harris-led group have submitted a $6 billion bid for the team with Daniel Snyder, the team’s current owner.
However, it won’t be a slam dunk.
Canadian billionaire Steve Apostolopoulos, the managing partner of the Triple Group of Companies, a privately owned real estate firm based in Toronto, has also submitted a $6 billion bid.
And the two entities might be in a bidding war. If you know anything about Magic Johnson, he is great at business and does not like to lose.
Let’s see how this turns out.