Josh Harris, Washington Commanders and Harris Blitzer Sports & Entertainment

The idea that new ownership can change the fortunes of a professional sports franchise isn’t a revelation, but Josh Harris’ record-setting $6.05 billion purchase of the Washington Commanders is a textbook case. The Maryland native’s takeover of the franchise from longtime owner Dan Snyder has inspired confidence that, for the first time in a long time, the future is bright in the nation’s capital.

Harris has been a power broker in professional sports for more than a decade as co-owner of the New Jersey Devils and Philadelphia 76ers alongside David Blitzer, as well as an investor in Premier League soccer club Crystal Palace. But the NFL is a different — and much more expensive — beast.

To purchase the Commanders, Harris assembled approximately 20 limited partners, including Blitzer and Magic Johnson, and beat out a pair of competing bids led by fellow billionaires. It took months to get the deal over the finish line.

Harris scored major wins in his first season at the helm. Sponsors that had departed under Snyder returned, local governments are jockeying to be the home of the team’s next stadium, and attendance increased a league-best 10%. He also invested $40 million in upgrades to the team’s current home, FedEx Field.

In addition to the Commanders deal, Harris and Blitzer purchased a stake in Joe Gibbs Racing.