Canadian billionaire and a group including Magic Johnson submit competing bids for Washington Commanders

Originally Published: 28 MAR 23 15:59 ET
Updated: 28 MAR 23 19:10 ET

    (CNN) — Two potential ownership groups are vying to buy the NFL’s Washington Commanders.

Canadian billionaire Steve Apostolopoulos has officially submitted a $6 billion to buy the Commanders, a person familiar with the matter told CNN on Tuesday.

The bid creates a head-to-head race for the Commanders between the Canadian businessman and a group led by billionaire Josh Harris.

Apostolopoulos is the managing partner of the Triple Group of Companies, a privately owned real estate firm based in Toronto. His bid is fully funded, the source told CNN.

Apostolopoulos declined to comment on the news of a bid, which was first reported by ESPN.

Earlier, a group led by Harris and includes NBA legend Magic Johnson officially placed a bid to buy the Commanders from embattled owner Daniel Snyder, a source told CNN on Tuesday.

Harris, the co-founder of Apollo Global Management, is already the owner of the NBA’s Philadelphia 76ers and co-owner of the NHL’s New Jersey Devils. CNN confirmed last week that Johnson joined the Harris group.

ESPN, which first reported news of the bid, reports that the Harris and Johnson-led group is offering to pay Snyder’s $6 billion asking price. CNN could not immediately confirm the $6 billion offer price.

A spokesperson for Harris declined to comment. A representative for Johnson, the Los Angeles Lakers hall of famer, did not immediately respond to a request for comment.

The Commanders declined to comment.

The Washington franchise, formerly known as the Redskins, was valued at about $5.6 billion by Forbes as of last August. That made the Commanders the sixth-most valuable NFL franchise, behind only the Chicago Bears, New York Giants, Los Angeles Rams, New England Patriots and Dallas Cowboys.

Snyder — who has been accused of fostering a “toxic workplace” in the NFL franchise — said last year that he is considering a sale of the team. At the time, Snyder and his wife, Tanya, announced that they hired Bank of America Securities “to consider potential transactions.”

In February, the Washington Post reported that Amazon founder Jeff Bezos hired an investment firm to research a possible bid for the Commanders team.

™ & © 2023 Cable News Network, Inc., a Warner Bros. Discovery Company. All rights reserved.