Last season was the first Josh Harris had as the Washington Commanders’ new owner. And while the team had an abysmal run that ended with a 4-13 record, Harris and his group are going to get a big bag, thanks to the sale of their Pittsburgh Steelers’ stake worth $4 billion.
According to Forbes’ Mike Ozanian, Harris and David Blitzer have decided to sell their 4.8 percent ownership stake in the Steelers to Thomas Rull and Art Rooney II. The latter is the team’s president, while the former is a billionaire.
Washington Commanders, Josh Harris
Washington Commanders owner Josh Harris isn’t wasting time making significant moves for the future the fan base hasn’t experienced in decades
Both Harris and Blitzer sold their stake based on the valuation of the Steelers reaching more than $4 billion. Months after negotiations started, the actual value of the franchise was confirmed by Forbes to be at $4.63 billion.
As it stands, the value of the Steelers has increased by more than 50 percent ever since Harris and Blitzer purchased their stake in 2020. Apart from the NFL, the pair also invested in the Philadelphia 76ers, New Jersey Devils, and the Crystal Palace, among others.
Why Washington Commanders Owner Joe Harris Sold His $4B Stake in Pittsburgh Steelers
Washington Commanders, Jayden Daniels, NFL Draft
Feb 5, 2024; Ashburn, VA, USA; Washington Commanders head coach Dan Quinn (M) poses for a picture with Commanders managing partner Josh Harris (L) and Washington Commanders general manager Adam Peters (R) at an introductory press conference at Commanders Park. Mandatory Credit: Geoff Burke-USA TODAY Sports
According to NFL rules, team owners are not allowed to invest in another franchise due to a conflict of interest. With Harris becoming the Commander’s owner, it only makes sense for him to sell his ownership stake in the Pittsburgh Steelers.
Before the sale of the 4.8 percent stake is finalized, 24 out of 32 team owners in the NFL must first approve it. Until then, the actual transaction won’t be deemed complete.
This sale comes after Washington’s frustrating run last season, which saw the team sink to the bottom of the NFL. Despite that, the team holds the biggest cap space in free agency and the second-overall pick in the upcoming draft. In any case, Harris is carefully positioning the Commanders to succeed in the coming years, especially with a lot of capital flowing into the team.
Washington Commanders, Jayden Daniels, NFL Draft
Feb 5, 2024; Ashburn, VA, USA; Washington Commanders majority owner Josh Harris (L) listens as Commanders head coach Dan Quinn (R) speaks during his introductory press conference at Commanders Park. Mandatory Credit: Geoff Burke-USA TODAY Sports
