Canadian billionaire Steve Apostolopoulos is still hoping to buy Washington Commanders despite recent reports that the team is being sold to Apollo Management co-founder Josh Harris and D.C. billionaire Mitchell Rales.
“I am still in the hunt,” Apostolopoulos told CNBC on Monday. “I think there’s a really good opportunity right now. It’s a tremendous city, it’s a tremendous team. There’s lots of great things happening in that market and we’re real estate guys, so we look at things from a real estate standpoint as well but football is one of the best sports out there, so we’re very excited to be involved in the process.”
Apostolopoulos reportedly submitted a $6 billion bid to purchase the NFL franchise from current owner Daniel Snyder, though he declined to discuss the details of his offer as negotiations are still ongoing.
Snyder has owned the Commanders since 1999 but has been embroiled in a number of controversies, including allegations of inappropriate conduct in the workplace, sexual harassment and discrimination.
Apostolopoulos is a Toronto native and noted Argonauts fan who founded 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.
Though his bid might seem rich, Apostolopoulos expressed his belief that the ever-growing valuations of NFL teams will only continue to increase over time.
The sale of the Commanders is expected to set a new record for the largest amount paid for an NFL franchise. Terry and Kim Pegula set a new record in 2014 when they purchased the Buffalo Bills for $1.4 billion, a mark that was surpassed in 2018 when David Tepper bought the Carolina Panthers for $2.2 billion.
Walmart heir Rob Walton shattered those numbers in 2022 when he paid $4.65 billion to purchase the Denver Broncos.
Washington went 8-8-1 this past season, finishing fourth in the competitive NFC East. The team has not won a playoff game since 2005 when they defeated the Tampa Bay Buccaneers in the Wild Card round before losing to the Seattle Seahawks in the Divisional round.
