Once upon a time, there was a man named Mitchell Rales, who happens to be the founder of the Danaher Corporation (and also happens to be super-duper rich, with an estimated net worth of $5.6 billion according to Forbes).
Last month, a group led by Canadian commercial real estate developer and private equity executive Steve Apostolopoulos, and Mitchell Rales’ group, entered a bidding war for the Commanders. According to sources with direct knowledge of the process (aka super spies), Rales’ group made a hefty bid of about $6 billion.
Little did they know that world’s third-richest person, Jeff Bezos (with an estimated net worth of $120.9 billion because he owns everything, including my soul), was lurking in the shadows just in case he wanted to swoop in like a superhero and outbid them all.
Bezos even hired a New York investment firm to evaluate a potential bid on the Commanders, but as luck would have it, ol’ Jeff was blocked by Commanders owner, Daniel Snyder, because he didn’t like the way Bezos’ company, The Post, covered his team. Chances of a Bezos takeover are looking grim.
However, every sale needs approval by at least 24 of the 32 owners, who are scheduled to meet next month in boring Minneapolis.
If Snyder’s price tag for the Commanders isn’t acceptable to other team owners, Bezos could change his mind and make a bid. The suspense is killing us!
According to Forbes, the value of the Commanders last year was $5.6 billion (which is like, a bazillion dollars). The record sale price for an NFL franchise is the $4.65 billion that Walmart heir Rob Walton paid for the Denver Broncos. Yes, Walmart money is real money.
The team is currently under investigation by attorney Mary Jo White and federal authorities in the Eastern District of Virginia. Snyder declined to be interviewed by White for the investigation, because he probably had better things to do (like counting all of his hundreds of millions of dollars).
The Commanders made an announcement last November that Snyder and his wife, Tanya, the team’s co-CEO, were selling the team. The Commanders did not specify how much of the team would be sold. Other prospective buyers include Apostolopoulos and Tilman Fertitta, owner of the NBA’s Houston Rockets.
Fertitta bid $5.6 billion (Forbes estimated the value at the same amount) for the Commanders, and he’s not going any higher. He claims that he’s been doing business for the last 40 years and when he draws a line in the sand, he’s done.
The news that Bezos won’t be bidding on the Commanders was reported by Puck (aka Bezos’ alter ego). Amazon carries the NFL’s package of Thursday night games, and other owners are hoping Bezos buys a team (because why not?). If he doesn’t jump on this opportunity, Bezos could be eyeing the Seattle Seahawks, which are expected to be sold in the near future.
Snyder and a potential buyer had hoped to strike a deal before the owners met in March, but nothing came to fruition. We probably won’t have any new info until the owners meet next month, so mark your calendars!
If a deal is struck, it will be vetted by the NFL’s finance committee and then the full group of owners for ratification. It could take about two months, just like the vetting and approval process for the Denver Broncos sale.
Snyder is seeking indemnity against legal liability and costs, which could be a potential issue. The person with knowledge of the league’s inner workings said, “The whole issue is the writing of the [purchase] agreement and who gets indemnified and how.” Sounds like a real snooze-fest.