Former Google Chief Executive Officer Eric Schmidt is part of the group that’s set to take over the Washington Commanders, adding to the roster of billionaires who have pooled their wealth to run the NFL franchise.
(Bloomberg) — Former Google Chief Executive Officer Eric Schmidt is part of the group that’s set to take over the Washington Commanders, adding to the roster of billionaires who have pooled their wealth to run the NFL franchise.
Schmidt is a limited partner in the consortium led by Josh Harris, according to people familiar with the matter. Harris, a co-founder of Apollo Global Management Inc., struck a deal in April to buy the Commanders for $6 billion, a record amount for any professional sports team.
The National Football League is currently discussing the sale with current Commanders owner Dan Snyder, and could approve the takeover as soon as this month.
Spokespeople for Schmidt and Harris declined to comment.
Schmidt, 68, stepped down in 2011 as CEO of Google — now known as Alphabet Inc. — but remains one of the tech giant’s largest individual shareholders. His stake makes up the bulk of his $21.7 billion fortune, according to the Bloomberg Billionaires Index.
Not known for his sports investments, Schmidt has backed a range of ventures since leaving Google, including a 20% stake in hedge fund DE Shaw and leadership roles in artificial intelligence and quantum computing firms. He’s also worked in an advisory role for the Defense Department.
Read More: Harris’s $6 Billion Commanders Deal Supercharges Sports Empire
Other limited partners joining Harris’s bid are NBA legend Earvin “Magic” Johnson and Mitchell Rales. Alejandro Santo Domingo, a Colombian billionaire with a family stake in Anheuser-Busch InBev SA, and property investor Mitchell Morgan are also part of the consortium, according to a report from Sportico.
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