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

Incoming Commanders owner Josh Harris has predicted huge financial gains from Dan Snyder’s departure from the organization, according to a new report.

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

And in a prospectus prepared by Harris Blitzer Sports & Entertainment and its advisers and obtained by ESPNHarris laid bare what he believes will happen in D.C. once Snyder officially leaves as owner — including massive revenue increases, massive state support for a new stadium, and significant funding to improve FedEx Field.

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

The final statistic, including tickets and sponsorships, was $173 million last season, and Harris expected it to rise to $380 million in 2031-32.

Dan Snyder has owned the Commanders since he bought the team for $800 million in 1999

In the same time frame, gate revenue is expected to increase from $58 million last season to $127 million.

In addition, the document outlines options for building a new stadium, as Harris and the franchise could look to move forward with FedEx Field, which has been in existence (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 sites for a new stadium, it expects Virginia to offer the best incentive package, “potentially up to $1.5 billion,” it wrote. ESPN.

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

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

“The Commanders have historically topped the league in all local revenue metrics and attendance,” the prospectus reads.

However, the team has spiraled considerably due to allegations against the current ownership. As ownership changes, we see opportunities to substantially increase local revenue and return the team to a top NFL market.”

Snyder, 58, has faced calls from fans for years to sell the struggling team, but pressure has mounted since 2020 following allegations of sexual harassment, financial impropriety and obstruction against the team and Snyder himself.

Allegations of sexual harassment against team members ranged from inappropriate comments to making a lewd behind-the-scenes video of a 2008 cheerleading calendar shoot, according to the 2020 Washington Post report who first exposed the claims.

A former cheerleader also claimed that Snyder suggested she go to a hotel room with his “good friend” in 2004 so they could “get to know each other.”

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

While the commanders fired many of the individuals accused of sexual harassment and paid a $10 million fine to the NFL, Snyder has defiantly denied the allegations against him in light of subsequent investigations.

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

According to ESPN, there’s no way owners would approve the offer if it weren’t for Snyder, as Harris has had 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 calls from fans for years to sell the struggling team

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

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

Nevertheless, optimism reigns in Washington as Harris is poised to take over the franchise.

“On the other hand, there’s nothing but benefit,” team president Jason Wright told ESPN in March.

“There will be growth…because there are people who choose not to do business with us, who choose to do business with us now.”

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

He estimated that he spent about $88 million to “establish owner involvement in the fan and player experience,” which included a new video board and updated locker room.

The document also says Harris’s ownership group will assume the $100 million cost for “immediate structural repairs” and maintenance of FedEx Field.