Here’s a document that was wisely not leaked until Commanders owner Daniel Snyder signed his name on the bottom line of a purchase-and-sale agreement.
According to ESPN.com, a prospectus prepared by Harris Blitzer Sports & Entertainment articulates high hopes for the future of the Commanders organization following the departure of Dan Snyder. In the item, Harris predicts that dumping The Dan will result in: (1) greater attendance; (2) increased ticket revenue; (3) enhanced sponsorship revenue; (3) up to $1.5 billion in public finding for a new stadium in Virginia.
The prospectus was used, per the report, to pitch the deal to limited partners who bought into the deal with Harris, allowing him to raise the $6.05 billion to buy the team.
NFL teams typically represent the kind of investment that doesn’t need a sales pitch. In this case, the purchase price presumably outpaces book value. Thus, Harris needed to convince investors that the team was worth more than it seemed to be.
It’s another tangible piece of evidence to show that this isn’t a typical transaction, and that Harris isn’t the typical owner, who can buy a team with the stroke of a pen. He needed to raise money, and he needed to persuade people that they were making a good investment with their money.
As the Washington Post recently suggested, the Harris bid quite possibly wouldn’t be approved in its current form but for the league’s desire to turn the page on Snyder.
And that’s the only reason for Commanders fans to be hesitant. Does Harris have the liquidity to win jump balls for free agents? To provide the team with everything it needs in order to be regarded as a destination, not an obligation, for players?
Yes, Jeff Bezos would have been a better choice from a money standpoint, because he could have bought the whole team without blinking — and he could have signed any and all free agents whenever he wanted. Others might not have the cash to spend as freely and easily as needed to compete with the best NFL franchises. For Harris’s group, it’s fair to ask where they’ll land on a spectrum that has write-the-check-without-thinking-twice on one end and don’t-deposit-this-until-next-Thursday on the other.