Daniel Snyder Fined $60 million by NFL on Last Day as Owner of Washington Commanders

Article ByKyle Garlett

July 21, 2023

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Posted in: US Sports Betting News, US Gambling News

It is a new day for pro football in the U.S. capital. After years of controversial ownership by Daniel Snyder, league owners on Thursday gave final approval on the sale of the Washington Commanders to entrepreneur Josh Harris. The final sale price is $6.05 billion, the highest North American sports franchise sales price in history.

Harris is also the owner of the Philadelphia 76ers of the NBA and the New Jersey Devils of the NHL.

“Congratulations to Josh Harris and his impressive group of partners [which includes former NBA star Magic Johnson],” said NFL Commissioner Roger Goodell when he announced the unanimous vote. “Josh will be a great addition to the NFL. He has a remarkable record in business, sports, and in his communities. The diverse group that Josh has put together is outstanding for its business acumen and strong Washington ties, and we welcome them to the NFL as well.”

Considering that Snyder bought the team in 1999 for $800 million — and has run off fans with his actions off the field and with the product he put on the field — and still increased the value of his team by more than 750%, the NFL doesn’t need “business acumen” to be successful. The league is the brand, and becoming one of the 32 owners lucky enough to have an NFL franchise is like hitting the billionaire lottery.

Snyder’s Final Penalty

We were promised the release of former U.S. Attorney and SEC Chair Mary Jo White’s investigation into the conduct of Snyder in the workplace, as well as allegations of financial improprieties. The NFL delivered, and the final report is damning.

“After extensive investigation, we have sustained both Tiffani Johnston’s allegation of sexual harassment by Mr. Snyder and Jason Friedman’s allegation of deliberate underreporting of NFL revenue by the Club to avoid its VTS sharing obligations. In the course of the investigation, we also identified a variety of transactions and accounting entries left unexplained by the Club, which raised a number of issues as to whether a significant portion of the revenues recorded were NFL-related revenues improperly shielded from VTS sharing.”

White’s report also detailed Snyder’s unwillingness to cooperate with the investigation and his efforts to delay it. And indeed, it was 17 months ago that she started the investigation. It is an investigation that concluded that sexual harassment did take place, amd that the Commanders withheld approximately $11 million in revenue that should have been shared with the league.

As punishment for his actions the league fined Snyder $60 million on Thursday – a total equal to less than 1% of what he just sold the team for.

Next for the Commanders

As D.C. football fans can finally turn the page on Snyder’s 24 years of ownership, the question of FedExField is at the forefront of everyone’s mind. It is one of the worst stadiums in the NFL, suffering plumbing and sewage failures over the last couple of seasons, as well as a rail failure that sent fans tumbling to the ground.

A new stadium is on the long-term agenda, but finding the right fit will take some time. The Commanders lease at FedExField ends in 2026, and reportedly the new ownership group is looking at the possibility of moving back into D.C. There are 190 acres at the RFK campus site, but it is owned by the federal government, and they have rules on how it can be used.

Virginia is an underdog in the competition. bBut without any major professional sports calling the Commonwealth home, don’t be surprised if they make a strong bid. Maryland is the incumbent, and newly elected governor Wes Moore was quick to make his pitch to the new owners.

“The Moore-Miller Administration congratulates the new owners and looks forward to continuing conversations with the Commanders about our vision for the future of the team in Maryland.”

But that is a future a few years away. In the immediacy, Harris is focused on the team on the field. Washington has just two playoff wins since 1999, and no wins since 2005. Harris purchased the 76ers in 2011, and they have been to the playoffs seven times since. He bought the New Jersey Devils in 2013, and they have been to the playoffs twice.