Now hold up!
Don’t sign that check just yet, Magic Johnson and Josh Harris. According to WUSA, that record-breaking $6.05 billion purchase may not be enough to become owners of the Washington Commanders. A last-minute offer has been put on the table to purchase the NFL club.
There is someone who is willing to pay $1 billion more for the team that owners, Dan and Tana Snyder are selling. BLACK ENTERPRISE reported that the owners of the Washington Commanders had agreed to sell the NFL franchise once known as the Washington Redskins. If the league approves the sale, then the new owners will be the group headed by Harris, which includes NBA legend Earvin “Magic” Johnson.
WUSA reported that Bank of America, which is handling sale offers for the Snyders, was talking with at least one of the other bidders as recently as last Thursday, the day it was leaked that the sale was basically a done deal.
Yet, a local native of D.C., Brian Davis, has given the team an offer to purchase the franchise for $7 billion in cash. Documents that were obtained by the media outlet confirm the details of the bid made by Davis last month on March 21. The documents reveal that Davis is offering to pay the first $1 billion to Dan Snyder within 24 hours, and $6 billion within seven days.
The D.C. native is also willing to indemnify Snyder for any legal liability related to the Commanders owner amid the ongoing investigations into the team.
Davis is a former Duke University basketball player who played in the NBA for the Minnesota Timberwolves from 1993-1994. He owns Urban Echo Energy LLC, a LEED-certified developer of renewable energy assets. He attended Bladensburg High School and was previously a minority owner of DC United.
Davis raised the capital he’d need to make this type of offer by selling his own intellectual property. He had a $50 billion valuation for his assets and intellectual property and private investors gave Urban Echo Energy the capital upfront in a lump sum. He was cited as the first LEED green developer in the country.
In his attempt to purchase the team, Davis wrote, “With the Washington D.C. metropolitan area having a significant minority population … Urban Echo believes that African American ownership in the Company will be a vital component to enhancing the social infrastructure in the local community. There is a significant opportunity to enhance the existing fanbase.”