Washington Commanders managing partner Josh Harris signs a Commanders helmet while joined by Washington Mayor Muriel Bowser and NFL Commissioner Roger Goodell during a news conference on construction of a new Commanders stadium in Washington, April 28, 2025.
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So, what does Harris, who also owns the Philadelphia 76ers and several other sports properties, think about the Lakers’ price?
“I bought the Commanders for $6 billion, and everyone said it was the highest price on planet Earth, and I think that now it looks like an attractive deal,” Harris told CNBC’s Michael Ozanian. “I think the Lakers are worth every bit of $12 billion.”
Harris said he is not concerned that sports team valuations are reaching bubble levels, even as revenue multiples have skyrocketed. CNBC’s proprietary team transaction database suggests that the $12.5 billion paid for the Lakers would be an estimated 20 times the team’s 2025-26 season revenue — an all-time high multiple for a control stake in an NBA team.
Instead, Harris pointed to the continued interest in live content, and how sports have both massive fan bases and media value across the globe, areas that are growing further.
He also cited the growing investment from private equity into sports, helping to not only fund purchases but evolving what was historically a rather illiquid asset.
Harris said he is “not surprised” by the roughly 25% Lakers valuation increase in about a year. “That’s basically what these things have been growing … the multiple implies massive growth but there’s also that scarcity value, people want to own it.”
“At some point you transcend traditional valuation metrics,” Harris said.
