When groups led by Josh Harris and Steve Apostolopoulos made $6 billion bids for the Commanders, Tilman Fertitta did not.
Appearing on CNBC, via Nicki Jhabvala of the Washington Post, the Houston Rockets owner explained why he didn’t join the others at that number.
“I’ll be flat-out honest,” Fertitta said, “I made a bid on the Washington Commanders for $5.6 billion. That’s the value that Forbes had them at, and at some point you’ve got to draw a line in the sand on everything and that’s where we are. If they can get somebody to pay them more than that, good luck to them. That’s all I can say. I own a franchise, so I love them selling for a lot. But at some point, I don’t think $6 billion is the right number.
“Everybody that’s watched me do business for the last 40 years knows when I draw a line in the sand, I’m done. So, I’m here, you know I can close and that’s the way it is.”
It’s a bit of a strange flex from Fertitta, especially since Forbes valuations don’t mean squat. An NFL team sells for what someone will pay. And the asset will continue to appreciate.
Unless Josh Harris and Steve Apostolpoulos both can’t close at $6 billion, Fertitta really is out, line in the sand or no line in the sand.
And here’s the simple reality for Fertitta. The next time an NFL team is for sale, it’s going to be even more than $6 billion. So maybe he should go ahead and draw a whole bunch of lines in the sand and be done with it.