There were two $6 billion bids for the Washington Commanders reported and neither came from Jeff Bezos. This is becoming fast, furious and fun.
ESPN reported both sports magnate Josh Harris and Canadian businessman Steve Apostolopoulos delivered $6 billion bids. Both deals included verification of funds not normally presented so early in negotiations to bolster their chances. That leaves Bezos to either trump the numbers with a bigger bid or let the other two bid against each other.
Brian Davis is also reportedly bidding. Early suitor Tilman Fertitta is now buying a Lake Tahoe casino after his (reported) $5.5 billion bid drew crickets.
Harris and Apostolopoulos each have limitations and the latter’s deal has no known partners. It’s not inconceivable that Bezos could simple stroke a check for a few hundred million dollars more and walk away the winner. That’s always been the bottom-line expectation.
Indeed, the past week has been Snyder’s chance to finally push bidders to the table and ramp up the number from mid-$5 billion to $6 billion-plus. Snyder was given a reprieve from the NFL over ousting him, but not amnesty. The sale still must occur or Mary Jo White’s investigation will surely surface. She reportedly only needs to interview Snyder to finish and the latter seemingly has no desire to cooperate.
The Commanders sale boosts NFL team prices if, for nothing else, refinancing team debts. The NFL also doesn’t want to enter a decade-long litigation versus Snyder so selling would certainly be in both interests.
Who’s coming away with the team? The final number isn’t there yet. Bezos will always be the lurker until either finally submitting a bid or the NFL tires of waiting and makes Snyder choose. Whichever one has the easiest check to cash gets it. That’s not readily apparent.
Related
Snyder won’t care which one can also build a stadium, re-invigorate the fan base, make friends with politicians and return the team to greatness. He’ll be on his boat in the Med talking to new billionaire buddies about his next deal.
But, the NFL must approve the buyer by a three-fourths majority and that’s where Howard Milstein’s 1999 bid was derailed. That Harris and Apostolopoulos have submitted background on their finances should avoid the trap that ended Milstein’s bid after his funds were proven not liquid.
Indeed, NFL Finance Committee members should steer Snyder’s decision by saying which bid, if any, they would not approve. A finance committee endorsement would certainly guarantee overall approval. However, committee member Jim Irsay of the Indianapolis Colts said panelists are in the dark over Snyder’s negotiations.
Well, that’s a kind way of describing Snyder’s style. Many of his business decisions have been perplexing like the downfall of Six Flags. Even now, the value of each bid may vary to interpretation so top dollar may not be the winner.
Just a fitting ending to Snyder’s era.
Follow Rick Snider on Twitter: @Snide_Remarks
Keep up with 980 The Team via:
Audacy App | Online Stream | Twitter | Facebook | Instagram
Related
Related
