Josh Harris, who recently purchased the Washington Commanders from Dan Snyder, believes a long list of benefits will come from the change in ownership. According to a 43-page prospectus obtained by ESPN, Harris predicts the removal of Snyder as owner will increase attendance, ticket sales and sponsorships for the franchise.
Not only that, but he also believes it will help the team receive funding to build a long-awaited new stadium. The document targets Virginia as the home for the new stadium, saying an incentive package could be “potentially up to $1.5 billion.” If true, that would nearly double the record of $750 million in public funds the state of Nevada put toward a new Raiders stadium in 2017.
Harris hopes the document will encourage others to invest in the Commanders. He already has more than a dozen partners that helped him raise the $6.05 billion to buy the franchise, including former NBA star Magic Johnson.
The document stated that the Commanders made $173 million in local revenue this past season. Harris believes the team can double that by 2031-32, saying it could reach $466 million is a new stadium is built by then.
“The Commanders historically ranked top in the league across all local revenue metrics and attendance,” the document says. “However, the team has significantly spiraled as a result of allegations against current ownership. “As ownership changes, we see opportunities to substantially drive local revenue and bring the team back to a top NFL market.”
Harris lays out plan to increase Commanders’ attendance
The prospectus goes on to point out that the team had financial success over the first half of Snyder’s tenure thanks to a loyal fanbase. It states that the franchise ranked No. 1 in the NFL in attendance during the 2008 season.
However, the Commanders attendance dipped significantly amid numerous scandals involving Snyder over the years. Fans began to lose interest, and Washington dropped to No. 31 in the league in attendance by 2021.
“The team’s passionate fan base, historical loyalty and strong market suggest there is ample room to grow,” the document states.
The document points to Harris’ experience as co-owner of the Philadelphia 76ers as evidence that he can turn things around for the Commanders. It states that the 76ers went from 27th in the NBA in ticket sales in 2014-15 to fifth in 2021-22 under Harris.
Harris also estimates spending $88 million to “help establish ownership’s commitment to fan/player experience,” including new videoboards and updates to the locker room.
