WASHINGTON, D.C. (AP) – A group led by Josh Harris that includes Magic Johnson has agreed to buy the NFL’s Washington Commanders from longtime owner Dan Snyder and his family.

The sides announced the deal in a joint statement Friday, roughly a month after they reached an agreement in principle on the sale for a record $6.05 billion.

The deal is the highest price paid for a North American professional sports franchise, surpassing the $4.55 billion Walmart heir Robert Walton paid for the Denver Broncos last year. It is still pending approval of three-quarters of owners and other customary closing conditions.

“We are very pleased to have reached an agreement for the sale of the Commanders franchise with Josh Harris, an area native, and his impressive group of partners,” Snyder and wife Tanya said in the statement. “We look forward to the prompt completion of this transaction and to rooting for Josh and the team in the coming years.”

Snyder has owned the team since 1999, when he bought his favorite boyhood team for $750 million, and despite mounting criticism repeatedly said he’d never sell. That changed after multiple investigations by the league and Congress into Washington’s workplace misconduct and potential improprieties. The congressional investigation found Snyder played a role in a toxic culture.

Harris’ group includes Washington-area billionaire Mitchell Rales, the basketball Hall of Famer Johnson and David Blitzer, among others. Harris and Blitzer have owned the NBA’s Philadelphia 76ers since 2011 and the NHL’s New Jersey Devils since 2013.

“I could not be more excited to be a partner in the proposed new ownership group for the Washington Commanders,” Johnson tweeted. “Josh Harris has assembled an amazing group who share a commitment to not only doing great things on the field but to making a real impact in the (Washington-area) community. I’m so excited to get to work on executing our vision for the Commanders and our loyal fanbase.”

Harris grew up in the Washington suburb of Chevy Chase, Maryland. He said he got to experience the excitement of the team winning three Super Bowls and establishing a long-term culture of success.

“We look forward to the formal approval of our ownership by the NFL in the months ahead and to having the honor to serve as responsible and accountable stewards of the Commanders franchise moving forward,” Harris said. “We look forward to running a world-class organization and making significant investments on and off the field to achieve excellence and have a lasting and positive impact on the community.”

Legendary basketball player Magic Johnson, part of the new ownership group, said he’s excited by the development.

A group led by Harris and Mitchell Rales, including Magic Johnson, had an agreement in principle to buy the team for a record $6.05 billion, two people with knowledge of the situation had previously told the Associated Press.

Approval of the deal means Harris owns controlling stakes in teams in three of the four North American pro sports leagues, including the NBA’s Philadelphia 76ers and the NHL’s New Jersey Devils. He has owned a piece of the Pittsburgh Steelers, which he needed to sell before getting the Commanders.

The reported sale price tops the previous record of $4.65 billion that was set when Walmart heir Rob Walton’s group bought the Denver Broncos in 2022, the AP reported. Harris had sought to buy the Broncos last year.

“On behalf of our entire ownership group – including Mitch Rales, my longtime sports business partner David Blitzer and Earvin Magic Johnson – I want to express how excited we are to be considered by the NFL to be the next owners of the Washington Commanders and how committed we are to delivering a championship-caliber franchise for this city and its fanbase.

“Growing up in Chevy Chase, I experienced first hand the excitement around the team, including its three Super Bowl victories and long-term winning culture. We look forward to the formal approval of our ownership by the NFL in the months ahead and to having the honor to serve as responsible and accountable stewards of the Commanders franchise moving forward.

Besides Johnson, Blitzer and Rales, the ownership groups includes Mark Ein, Lee Ainslie, Eric Holoman, Michael Li (owner of Range Group), the Morgan family (owner of Morgan Properties), the Santo Domingo family, Michael Sapir (co-founder and CEO of ProShares, Eric Schmidt (former Google CEO and executive chair) and Andy Snyder.

“Together these individuals and families have the collective resources and shared commitment to support our vision for the Commanders,” Harris said.

Snyder bought the team in 1999 at age 34. He sought to make an early splash by signing two future Hall of Famers, Norfolk-native Bruce Smith and now University of Colorado coach Deion Sanders. The team in 2000 also became the first team to charge fans to attend training camp.

Washington last won a playoff game in 2005 in the NFC wild card game.

Snyder’s reign also included numerous scandals and investigations, including lawsuits against a group of fans and the Washington City Paper, and he reduced capacity in the now-named FedEx Field, and the team faced protests over its name – telling USA Today he would never change it.

Former cheerleaders and employees also accused the team of sexual harassment, and the name eventually changed to Washington Football Team before becoming the Commanders. Congress also alleged a ‘shadow’ probe by Snyder.