Is there a problem with Harris' finances?
The Sports Junkies
Audacy
4.3 • 1.7K Ratings
🗓️ 11 May 2023
⏱️ 15 minutes
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| 0:00.0 | Junk's coming to you live on 1067 the fan, the team 980 and NBC Sports Washington. |
| 0:09.0 | We're presented by Crop Metcalf, the official heating and cooling company of the Junk's. |
| 0:13.8 | If you're looking to be the next five star HVAC technician or plumber, just go to cropmetcalf.com. |
| 0:19.5 | You can join their team today in the 9 o'clock hour at 920 specifically Brett Michaels lead |
| 0:27.4 | singer and poison solo artist. I have a man on him. It's my guy. He's going to be on the show at 920. |
| 0:33.4 | He's at Hollywood casino later this summer. That's on June 24th. So we'll talk to him at 920. |
| 0:39.4 | But we wanted to get into the commanders here and the latest on the looming sale. |
| 0:46.4 | Seems to be a little bit of a speed bump. Potentially the Josh Harris bid for the commanders could require |
| 0:53.4 | a skirting of the debt rules. Well, that would be unprecedented. |
| 0:58.4 | Wouldn't be as explained by Daniel Kaplan of the athletic.com. The league might have to ignore its own debt rules in order to approve the Harris bid. |
| 1:08.4 | The move would allow more debt than currently is permitted in order to approve the Harris effort to buy out Snyder's equity in the team. |
| 1:17.4 | Now according to current rules, the controlling owner of a team can borrow up to 1.1 billion dollars with the franchise as the collateral. |
| 1:29.4 | Harris plans to add additional debt secured against other sports teams owned by Harris, including the 76ers, the devils, and a portion of crystal palace of the premier league. |
| 1:42.4 | Now the league has in the past allowed minority partners to secure debt with their own personal businesses that happened as Kaplan notes when Snyder bought the commanders in 1999. |
| 1:52.4 | I think it's a little discouraging. I'm not saying it's going to ultimately take down the bid by Josh Harris's group. |
| 2:02.4 | But it's a little discouraging that they potentially haven't changed the rules. If you read the Washington Post article two, there was somebody saying that now it's unlikely that they're going to be able to meet the deadline, but there's a meeting in May. |
| 2:18.4 | And they thought that the sale would be ratified by May. Now they're saying that's unlikely. You have to have 24 of the 32 owners under the NFL rules. |
| 2:28.4 | Um, vote and ratify the sale. So it just seems a little discouraging and I think disheartening that it's just going to continue and linger longer. |
| 2:40.4 | Well, it just shows you how much of money you need to buy an NFL franchise. |
| 2:44.4 | And but if they want dance night or out desperately and immediately, I would think that they would wave any debt rule. |
| 2:51.4 | The last line in this article from pro football talk.com says in this case, the owners would likely approve any deviation necessary to close the door on Dan Snyder up to and including Harris paying for the team in change. |
| 3:05.4 | Just get him out. Wave the rule. Get him out. I think this is why you're also seeing other high profile billionaire names being added to the roster of the Harris bid. |
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