Why are Josh Harris and David Blitzer reportedly selling their Steelers’ minority stake after $6 billion Commanders purchase?

Josh Harris led a group in acquiring the Washington Commanders last year. However, this move has prompted him to consider divesting his ownership stake in another NFL team. 

It seems Harris and his partner David Blitzer are currently in the process of selling their share in one of the best NFL teams.

Josh Harris and David Blitzer are allegedly selling their Steelers minority share

Josh Harris and David Blitzer bought Commanders for nearly $6 billion in 2023. However, because of this move, they have to sell their minority share in the Steelers. 

The NFL doesn’t allow ownership of multiple teams. Therefore, to retain the Commanders’ ownership, they have to let go of their ownership of the Steelers.

Harris and his partner have less than 5% of the share in the Steelers which they bought in 2020. Now, they will reportedly sell it to an investor group led by Art Rooney, the Steelers’ president, and Thomas Tull, a billionaire financier.

The value of the Steelers has increased increasingly since 2020, by approximately 50 percent. But to make this deal work out, they will need approval from other NFL team owners as well.

Commanders
Via SportsKeeda

When Josh Harris and David Blitzer bought Commanders, they were aware of this NFL rule which means they deliberately gave up Steelers ownership to get the Commanders. 

Josh Harris also has majority ownership stakes with Blitzer, a Blackstone Group executive, in the NBA’s 76ers, the NHL’s Devils, and a share in Crystal Palace Football Club. 

FedEx terminated Commanders stadium naming rights arrangement 

According to recent reports, FedEx has ended its naming agreement with the Washington Commanders stadium in Landover, Maryland, a venue that had been known since 1999 as FedEx Field.

Their agreement was scheduled to expire in 2026, but this move came two years earlier. FedEx released a statement on Wednesday confirming the news and wishing the Commanders a bright future.

“FedEx is a longtime sponsor of multiple sports leagues, properties, and teams. We continuously review our marketing programs to ensure our investments are aligned with our evolving business objectives. As part of this review, we have decided to not continue as the naming rights sponsor of FedExField as we focus on our broader NFL sponsorship and opportunities that reflect our global footprint,” FedEx briefed in a statement.

Commanders
Via CBS Sports

The team shared that they have already started the process to figure out a new naming rights arrangement. 

“We have already started the process of identifying our next stadium naming rights partner — a partner who will play a crucial role in ushering in the next era of not only Commanders football but also a robust slate of top live events and concerts,” the Commanders said in a statement.

Josh Harris, the team’s owner also hinted that they are currently working to find a new Commanders stadium with three sites already in mind. Reportedly, those three sites are in D.C., Maryland and Virginia. The specific location is yet to be disclosed.

After 24 years, “FedEx Field” is no longer and now Commanders are on the lookout for a new stadium naming rights partner.

Maheen Zaib

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Maheen is a writer for SportsZion. She's your go-to for all things NFL, from epic game highlights to trade scoops and breaking news. Navigating the sports scene with flair, join her on this thrilling journey through the NFL's wild ride. Let's score some great reads together!

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