Sixers’ Josh Harris betting on more revenue with Daniel Snyder gone, eyes new stadium for Commanders

The Sixers partner is involved with a number of sports ventures, but this may be his most ambitious one yet.

The Washington Commanders football team's name and logo is seen at the NFL football team's facility in Ashburn, Va.,Read moreManuel Balce Ceneta / AP

by DeAntae Prince

Published May 16, 2023, 7:37 p.m. ET

Washington Commanders fans were elated as news emerged that Daniel Snyder planned to sell the franchise to 76ers co-owner Josh Harris for $6.05 billion.

Snyder, who held a 24-year grip on the team, became a hated figure in Washington and played a major part in the downtrodden state of the team.

Now it appears that Harris and his ownership group are betting that the removal of Snyder will improve their profit margins. ESPN acquired a prospectus prepared by Harris Blitzer Sports & Entertainment and its advisers that states Harris expects improvement in attendance, ticket sales and ad revenue after Snyder’s removal.

He also believes “Virginia will offer the best incentive package — potentially up to $1.5 billion” for the team to create a new stadium, according to the documents obtained by ESPN. For context, the current record for public funds awarded to an NFL team is $750 million provided to the Raiders in Las Vegas.

The prospectus, which tops out at 43 pages, was used to recruit other buyers to join Harris’ ownership group, which swelled to at least a dozen others, including NBA legend Magic Johnson. Harris, whose net worth is $7.6 billion, also owns the Sixers, New Jersey Devils and Crystal Palace Football Club alongside business partner, David Blitzer.

His approach to purchasing the Commanders, however, did break from tradition and caused concern for some around the league, according to ESPN. There were worries Harris would not have reserves to maintain the franchise if it hit financial hardship.

”It’s taking some creative financing,” an owner told ESPN.

But for NFL owners, according to ESPN, not even Harris’ new approach to purchasing an NFL team would outweigh the risk of keeping Snyder in the league.

However, Harris is already pursuing a new arena in Philadelphia for the Sixers, proposing to build it and shoulder the 1.3 billion dollars in costs. Still, the project has run into resistance from community groups and others.