Josh Harris, managing partner of the Washington Commanders, signs a Commanders helmet with Washington Mayor Muriel Bowser and NFL Commissioner Roger Goodell during a press conference regarding the construction of the 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 Commanders for $6 billion, which everyone said was the highest price on the planet, and I think it’s an attractive deal now,” Harris told CNBC’s Michael Ozanian. “I think the Lakers are worth $12 billion.”
Harris said he’s not concerned about sports team valuations reaching bubble levels, even though revenue multiples have soared. According to CNBC’s proprietary team transaction database, the $12.5 billion paid to the Lakers is an estimated 20 times the team’s 2025-26 season revenue, making it the highest multiple ever for control of an NBA team.
Instead, Harris pointed to the continued interest in live content and how sports have both a huge fan base and media value around the world, and the sector is only growing further.
He also noted that investment in sports from private equity is growing, not only contributing to purchase funds but also helping to evolve an asset that has historically been fairly illiquid.
Harris said he’s “not surprised” that the Lakers’ valuation has increased about 25% in about a year. “That’s basically how these things are growing…The multiples mean a lot of growth, but there’s also scarcity value, and people want to own it.”
“At some point, you’re going to transcend traditional metrics,” Harris said.
