New Commanders owner Josh Harris ‘believes revenue will DOUBLE by t2031-32 season’ after Snyder exit

Incoming Commanders owner Josh Harris has projected massive financial gains with the exit of Dan Snyder from the organization, according to a new report.

Snyder announced on Friday that he had agreed a deal with Harris – who also owns the 76ers and co-owns the NHL’s Devils – for a reported $6.05billion.

And in a prospectus prepared by Harris Blitzer Sports & Entertainment and its advisers and obtained by ESPN, Harris laid bare what he believes will happen in DC once Snyder officially departs as owner – including massive boosts in revenue, huge state backing for a new stadium and significant funding to improve FedEx Field.

The document projects that the team’s total revenue would rise from $545milion last year to $959million in 2032-33, while gate revenue and local revenue are expected to double within the next nine years.

The latter metric, which includes tickets and sponsorships, was $173million last season, with Harris expecting it to balloon to $380 million by 2031-32.

Josh Harris spearheaded an ownership group that agreed to buy the Washington Commanders

Dan Snyder has owned the Commanders since his $800m purchase of the team in 1999

In the same time span, gate revenue is expected to increase from a figure of $58million last season to $127million.

Furthermore, the document outlines possibilities for building a new stadium, as Harris and the franchise could look to move on from FedEx Field, which has been around (formerly as Jack Kent Cooke Stadium) since 1997.

While the prospectus lists the site at Robert F. Kennedy Memorial Stadium and even the site of FedEx Field as possible locations for a new stadium, it projects Virginia will offer the best incentive package, ‘potentially up to $1.5billion,’ ESPN wrote.

And the development of a new stadium is expected to further boost revenue, if it happens.

The $959million in total revenue projected for 2032-33 would be $1.05billion with a new stadium, while the $380million in local revenue projected for the the 2031-32 season would turn into $466million.

‘The Commanders historically ranked top in the league across all local revenue metrics and attendance,’ the prospectus writes.

‘However, the team has significantly spiraled as a result of allegations against current ownership. As ownership changes, we see opportunities to substantially drive local revenue and bring the team back to a top NFL market.’

The 58-year-old Snyder has faced fans’ calls to sell the struggling team for years, but pressure has been mounting since 2020 following accusations of sexual harassment, financial impropriety, and obstruction against the team and Snyder himself.

Sexual harassment allegations against team employees ranged from inappropriate comments to the creation of a lewd behind-the-scenes video from a cheerleader calendar shoot in 2008, according to the 2020 Washington Post report that first uncovered the claims. 

A former cheerleader also alleged that Snyder suggested that she join his ‘close friend’ in a hotel room in 2004 so they ‘could get to know each other.’

Snyder denied this claim in a 2020 statement: ‘I want to unequivocally state that this never happened.’

While the Commanders have fired many of the individuals accused of sexual harassment and paid a $10m fine to the NFL, Snyder has defiantly denied accusations against him in the face of subsequent investigations.

Snyder’s massive unpopularity among other owners is said to have played a role in Harris’ bid having success.

According to ESPN, there’s ‘no way’ owners would approve the bid if not for Snyder, as Harris has needed to recruit at least a dozen other investors, including Magic Johnson and business partner David Blitzer, to help fund the deal.

Snyder, seen with his wife Tanya, has faced fans’ calls to sell the struggling team for years

The Commanders, formerly known as the Washington Redskins, have made the playoffs six times since Snyder bought the team in 1999. There have been 10 head coaches in this time

The article also stated that the document showed the Commanders owe $1billion to the NFL.

Nonetheless, with Harris set to take over the franchise, there is optimism swirling in Washington.

‘There’s nothing but upside on the other side of this,’ team president Jason Wright told ESPN in March. 

‘There will be growth … because there are people choosing not to do business with us that will choose to do business with us now.’

Aside from a possible new stadium, Harris outlined the lengths he would go to improve the team’s current home, FedEx Field.

He estimated spending about $88 million to ‘help establish ownership’s commitment to fan/player experience,’ which includes a new videoboard and a revamped locker room.

The document also says that the Harris ownership group will assume the $100million cost for ‘immediate structural repairs’ and maintenance to FedEx Field.