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Washington Commanders Sale News: Steve Apostolopoulos has submitted a $6 billion bid to buy the team

Billionaire fight!

Update: Apostolopoulos is also part of a group trying to buy the Ottawa Senators

Update: A.J. Perez reports there might be issues with the Canadian’s finances

One source said while Apostolopoulos may have bid, there are questions over whether he has the financial wherewithal to be considered a serious contender for the Commanders.

Update: Apostolopoulos’s potential partners in a bid

Apostolopoulos is the founder of the private equity fund Six Ventures Inc. and managing partner of a Toronto-based real-estate firm. It’s believed that his group includes others involved in Canadian real estate.

Canadian billionaire Steve Apostolopoulos emerged as a bidder for the Washington Commanders 6 days ago when Adam Schefter reported that he had toured the team’s stadium and headquarters. Schefter reported earlier today that the Josh Harris/Mitchell Rales/Magic Johnson group had submitted a bid that met owner Dan Snyder’s purchase minimum of $6 billion. Schefter is back again with another report saying that has also submitted a fully-funded $6 billion offer.

Steve Apostolopoulos is the Managing Partner of Triple Group of Companies (TGC), a Toronto-based full service real estate firm specializing in the purchase, leasing, development and management of commercial space. He is also the Co-Founder and Chief Development Officer of Triple Properties, a privately-owned enterprise engaged in real estate investment, development, asset management and leasing.

Mr. Steve Apostolopoulos is the founder of Six Ventures Inc., a private equity venture fund. An entrepreneur by nature, Mr. Apostolopoulos contributes to a wide variety of philanthropic organizations with his family.

Dan Snyder’s minimum asking price has been met, but there are still some holdups in this deal. Schefter has now reported on two fully-funded bids, and there could be more bids, or upgraded bids on the way very soon. There are also issues with Snyder, and his demand to be indemnified by other NFL owners for any future lawsuits, and settlements. This is said to be a hard no from the NFL, and Snyder has denied the request was made. The NFL’s second investigation into Snyder and the team led by Mary Jo White is reportedly coming to a close soon, even with Snyder declining to be interviewed. There are also several other investigations into the team still ongoing, including a federal criminal investigation into financial irregularities that has already issued at least one subpoena.

Schefter also gives a hint at the potential timeline for a sale.

With two groups known to have submitted bids, there is a growing belief a purchase agreement could be in place by the NFL Draft.

The NFL owners meetings are wrapping up today, and they won’t have formal meetings again until May 22-24. If Snyder accepts one of these bids, or any new bid, that would likely be when owners officially vote to approve the sale. The NFL Draft is scheduled to start on April 27th, and a deal could be in place and ready to be submitted to the NFL’s finance committee by then.