Canadian billionaire Steve Apostolopoulos is one of three known bidders for the for sale Washington Commanders, according to ESPN insider Adam Schefter.
Apostolopoulos has submitted a $6 billion bid to purchase the NFL franchise from current owner Daniel Snyder. The 58-year-old Snyder has owned the team since 1999 but has recently been embroiled in a number of controversies, including allegations of inappropriate conduct in the workplace, sexual harassment and discrimination.
The other two known bidders are Tillman Fertitta, owner of the Houston Rockets, and a group headed by Apollo Management co-founder Josh Harris and D.C. billionaire Mitchell Rales.
Born in Toronto and a noted Argonauts fan in the past, Apostolopoulos is the founder of the private equity venture fund, Six Ventures Inc. He is also the managing partner of Toronto real estate firm, Triple Group of Companies and the co-founder and chief development officer of Triple Properties and Caary, a digital credit and payments platform.
The Harvard University-educated Apostolopoulos recently expressed interest in purchasing the Charlotte Hornets from principal owner Michael Jordan before setting his sights on one of the NFL’s most storied franchises.
The Commanders’ sale could potentially break the previous record for a sale of a franchise that occurred last summer when a group led by Walmart heir Rob Walton purchased the Denver Broncos for $4.65 billion. Forbes values Washington’s NFL football team at $5.6 billion.
For any bidder to own the Commanders, three-quarters of the NFL’s owners have to approve.