Sidley is representing multiple investors in the Josh Harris-led consortium that has entered into a definitive purchase and sale agreement to acquire the NFL’s Washington Commanders from the Snyder family, including Mitchell (Mitch) Rales, the consortium’s lead investor, as well as Earvin “Magic” Johnson, Eric Holloman, and Michael Sapir. The closing of the transaction is subject to NFL approval and the satisfaction of other customary closing conditions. The reported US$6.05 billion purchase price would be the highest price ever paid for a North American professional sports franchise.
Mitch Rales is the co-founder of Danaher Corporation (NYSE: DHR) and the Glenstone Museum located in Potomac, Maryland, which is the largest private modern and contemporary art museum in the United States. Magic Johnson is a former NBA basketball star and a two-time inductee into the Naismith Memorial Basketball Hall of Fame. Eric Holloman is the President and CEO of EquiTrust Life Insurance Corporation and runs Magic Johnson Enterprises. Michael Sapir is the co-founder of ProShares.
The Sidley team representing Mitch Rales is led by Entertainment, Sports and Media (ESM) partner and co-chair Charles (Chuck) Baker and ESM partner Eric Geffner. The deal team also includes partner Matthew Stoker (M&A and Private Equity), partner Rachel Kleinberg (Tax) and managing associate Luisa Lizoain (ESM). Geffner and Lizoain are also representing “Magic” Johnson and Eric Holloman.
The Sidley team representing Michael Sapir is led by ESM partner and co-chair Irwin Raij and senior managing associate Axel Miranda.