Update: Washington Commanders owner Dan Snyder has entered into a deal agreeing to sell the team to Josh Harris’ investment group for a league-record $6.05 billion, according to NFL.com.

Original:

Washington Commanders owner Dan Snyder appears to have reached a preliminary deal to sell the team for $6 billion to an investment group led by Josh Harris, owner of the NBA’s Philadelphia 76ers and the NHL’s New Jersey Devils, according to media reports.

Harris’ investment group includes local billionaire Mitchell Rales, co-founder of the massive Danaher Corp. and co-founder of the widely popular Glenstone Museum in Potomac, and NBA phenom Magic Johnson, according to the Washington Post. 

The preliminary agreement, first reported by Fox Business and confirmed by the AP and Washington Post, among others, via sources, ends a period of speculation over who would purchase Washington’s NFL franchise and end the era of Snyder. The potential deal comes after Amazon founder (and Washington Post owner) Jeff Bezos, who was reportedly looking to buy the team, decided not to bid, according to reports.

The deal is not finalized yet, but if it goes through, it would be a record-breaking sale, making it the highest price ever paid for an NFL team. Just last year, Walmart heir Rob Walton’s group paid $4.65 billion to purchase the Denver Broncos last year. Snyder purchased Washington’s NFL team for $800 million in 1999.

That means Snyder could walk away with a significant profit — but he also leaves the team with a legacy of controversy and lawsuits during his tenure. Last year, a House committee found he created a toxic workplace culture and attempted to obstruct the investigation of the team’s workplace. More than a dozen women said they experienced sexual harassment while working for the team, according to a Washington Post investigation, and Snyder himself was the target of a sexual harassment claim by former cheerleader and marketing manager Tiffani Johnston.

Just last week, the Commanders also had to pay D.C. $625,000 to ticketholders to settle a lawsuit over the handling of security deposits for ticket holders.

Before the deal can go through, the NFL team owners, who are scheduled to meet in Minneapolis in May, need to ratify the agreement, according to the Washington Post.

This post has been updated to reflect Mitchell Rales’s role for the Glenstone Museum.