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John Keim, ESPN Staff Writer
Josh Harris, who reached an agreement to buy the Washington Commanders last month, will meet with the NFL’s finance committee Wednesday, multiple sources confirmed to ESPN.
It’s another step towards a possible vote by NFL owners to approve the sale this summer.
Harris has been working with the NFL to make the required adjustments to his offer to complete the sale, a source told ESPN. He’ll meet with the eight finance committee members in New York.
The Washington Post first reported the meeting.
At the owners meetings last month, Indianapolis Colts owner Jim Irsay, a member of the finance committee, said Harris needed to get in compliance with NFL guidelines — from the debt load to the amount of equity in the offer. A prospective owner must have a 30% equity stake in the team and can’t take on more than $1.1 billion in debt.
The Harris group also has 20 limited partners, according to a source, and each one must be vetted for financial and security reasons.
A spokesman for the Harris group declined comment.
Harris signed an exclusive agreement with Dan and Tanya Snyder on May 12 to buy the Commanders for a record $6.05 billion, pending approval by NFL owners. It topped an offer by Steve Apostolopoulos of $6 billion.
Last year, the Walton family reached an agreement to buy the Denver Broncos on June 7 for $4.65 billion. They had only three limited partners. The owners didn’t vote to approve until Aug. 9.
Multiple sources familiar with the process have expected Harris’ deal to be completed, citing the motivation by owners to move on from Snyder as well as for Harris to buy his hometown team.
Harris was born in Chevy Chase, Maryland, and attended high school in Washington, D.C. Sources have said the Snyders are motivated to move on as well.
It remains uncertain when the sale will be completed, though if all goes well Wednesday — the committee will also meet separately in subsequent weeks — it could be resolved this summer and possibly before training camp opens in late July.
Irsay said last month that a special session could be scheduled sometime after July 4.
Once it’s recommended for approval, Harris would need votes from 24 of the 32 owners.
“I think we’ll get it to a place where it will be approved,” NFL commissioner Roger Goodell said last month.
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