Efforts to sell the Washington Commanders aren't going well – and some NFL insiders are hoping that Jeff Bezos will deliver a game-saving play.
Indications of interest from a pair of prospective buyers for the crisis-ridden football franchise have come in at the $6 billion requested by the team's controversial owner Dan Snyder – but it's not clear whether they'll be that high in the final round, sources told On The Money.
Among those looking to replace Snyder is Josh Harris, the former Apollo Global Management bigwig who also owns the Philadelphia 76ers and the New Jersey Devils. One other mystery buyer has submitted a bid – and appears to be the only other suitor, sources told The Post's Josh Kosman.
"They are struggling and there are only two buyers left," a source said. "They bid $6 billion each but don't have the money yet."
With a net worth estimated by Forbes at $6.3 billion, Harris is rich – but hard-pressed to write the $1.5 billion equity check that the NFL would require for the purchase so that they own 25% of the team, according to people briefed on the matter. To close a $6 billion deal, a bidder also would be allowed to take on a maximum of $1 billion in debt while raising $3.5 billion from multiple minority investors – a tough ask that may not be so attractive in any case, given the team generates just $150 million a year in Ebitda, according to a banker close to the process.
That's not a problem for Bezos, whose fortune is currently pegged by Forbes at $123 billion.
"I think when they realize they can't get to $6 billion they'll say to Jeff Bezos, 'It's yours for $6 billion,'" the source said, reckoning that the two current bidders may end up with offers closer to $5 billion in the final round.
Nevertheless, Snyder is reportedly unhappy that Bezos owns the Washington Post – a newspaper which published a series of tough exposes on Snyder that have, among other things, pressured him to surrender ownership of the team.
As reported exclusively by The Post, some investors are betting that Bezos might be willing to sell the newspaper to clear the way for his NFL ownership. But some sources close to Bezos insist such a deal is unlikely – and that, with all the noise coming out of Washington, he is once again inclined to be patient and wait until his home team, the Seattle Seahawks, finally comes up for sale in the next two or three years.
Indeed, people close to Bezos insist he is much more focused on his rocket company, Blue Origin, which is working with Boeing Co and Lockheed Martin to put humans on the moon again by 2024. These people add while he doesn't mind his name being in the rumor mill, he has no intention of actually buying the team.
Snyder's advisor Bank of America is asking suitors for an update on Feb. 15, sources said. The goal is to have an agreement in place by the NFL owners meeting on March 26. If Snyder refuses to sell for less than his asking price and Bezos wants to buy the team for $6 billion then it would be up to the NFL to force the sale.
NFL Commissioner Roger Goodell could do that during the owner's meeting if he gets 24 of the league's 32 owners on board. Still, while Snyder and his management team have become pariahs in the league over accusations of sexual harassment and tax evasion, some insiders say it's not a cinch he'd lose the vote.
"I don't know if they have the 24 votes," a source who knows NFL owners said.
Meanwhile, sources said speculation has emerged that Bezos will be a no-show at Sunday's Super Bowl in Phoenix despite being invited multiple times by the NFL. That would be a surprise, sources add, given that Bezos has been a fixture in luxury boxes at the Big Game in recent years.
If Bezos does indeed fail to show up on Sunday, some people with knowledge of the NFL bidding process said it's an indication Bezos has other priorities. The Super Bowl is an ideal opportunity to schmooze with team owners whose votes Bezos would need to purchase a team.
Another sports banker, however, disagreed, opining that a Bezos no-show could instead be a sign he's still in the race.
"The last thing you want if you are a bidder is to be seen in public," a sports banker said. "The better thing to do is lay low."
Spokespeople for Bezos, Snyder and Harris declined to comment.
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