Washington Commanders Newest Bidder, Steve Apostolopoulos

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April 12, 2023

by David Earl

Sale Clearly Drawing Nearer

As Washington heads into the 2023 NFL Draft the imminent sale of the team seems so close yet so far away. Even if a deal is accepted by Dan Snyder the financial and vetting process will most likely go well into October before anything is 100% official. Last week I spoke in detail about the Josh Harris Group and what he brings, and the next man up is Steve Apostolopoulos. Before we venture into the details of Mr. Apostolopoulos, let’s quickly recap Josh Harris. With a total net worth value of approximately $12 billion, the Josh Harris Group brings not just the financial backing but plenty of experience in owning a sports franchise. The history, as I laid out in the article, truly speaks for itself, especially with Josh Harris alone. While no owner is ever a guarantee to bring a championship culture, this particular group brings a structured model that is free of scandal and meddling habits which Dan Snyder was spectacular at both unfortunately. The Josh Harris Group is certainly my personal preferred ownership group, but let’s see how Steve Apostolopoulos stacks up.

Who Is Steve Apostolopoulos?

At a net worth of $5.5 Billion, this Toronto-born Harvard graduate is the managing partner of Triple Group of Companies which is a “real estate firm specializing in the purchase, leasing, development, and management of commercial space,” and the co-founder of a digital credit and payments platform, Caary. He comes from a family of entrepreneurs. His father, Greek-Canadian billionaire Andreas Apostolopoulos, concentrated on real estate investment and redevelopment as well. Steve appears to be as reserved as a person as you get, and much of his personal life like age is relatively unknown, but his commercial business successes is very well documented. Now, after conversations of a possible purchase of the Charlotte Hornets, Apostolopoulos is looking to expound his portfolio with a nearly $6 billion bid for the Washington Commanders.

Intriguing Option as Owner

We all know the public shame that this organization has endured because of Dan Snyder’s continued failed attempts at even just the basic business practices let alone the organizational-defining decisions that backfired miserably. Snyder was a bit of a recluse when it came to confronting the media and other major events that led to him speaking but he certainly had no issue throwing his ownership weight around towards his football personnel guys and dictating decisions with horrendous outcomes. However, we have no idea whether Apostolopoulos is that guy too.  Whereas we’ve seen Harris’ growth as an owner and how the manner in which he addressed organizational matters typically followed with good outcomes, that track record does not exist for Apostolopoulos. Steve appears to be far more intellectually developed and in possession of a much more proven business savvy than Snyder; thus, one can assume a sound business model could follow Steve Apostolopoulos. That honestly is not saying too much, as owning and running an NFL franchise is a far cry from real estate investment and development. He certainly checks a couple of boxes Dan never did in successful business practices and what appears to be a scandal-free past. That alone is a win-win option no doubt, but beyond that, there is no true clarity. There is a sense of a gamble with Steve as an owner.  While any new own is going to be a crap shoot you’d like to see some level of the ownership experience, especially after a two-decade-long drain on this fan base’s collective soul. Then again, this fan base cannot be too picky either.

What’s Best for Washington?

As the pending sale finally draws near to remove the shackles of shame from the Redskins/WFT/Commanders fan base which Dan Snyder so proudly locked around our throats, the potential owners thus far are a mixed bag. First is the fan favorite Jeff Bezos who has not yet even indicated interest to place a bid. I start here only to say be careful about what you wish for as he may not carry the laundry list of candles – Bezos carries a reputation for arrogance and fostering a terrible workplace environment. The idea that  Bezos can deliver on what Dan Snyder couldn’t with the DC politicians is also a misnomer as he is not particularly championed by either side. Bezos is not exactly loathed by the political parties but not overly loved either, and thus he does not have the type of political connections as a Bruce Allen type may have had.  So while he is not Dan Snyder in many ways, Jeff Bezos is also like him in many ways too so be very careful what you wish for too.

As far as Josh Harris goes, (read in detail here) he is a self-made billionaire who has been relatively successful in owning the Philadelphia 76ers and New Jersey Devils. His ownership group brings a resume that not only surpasses anything Snyder has brought, but this ownership group should also bring a sense of revitalized excitement in many ways.

Finally, Steve Apostolopoulos is more of an enigma who also is a self-made billionaire in many ways learning from his father to further his business acumen. He doesn’t bring a scandalized past as far as we know and Steve doesn’t seem to carry any issues of workplace misconduct. The unknown aspect of his potential ownership fosters both excitement, in replacing Dan Snyder, and hesitance because of his relatively unknown history and personal life. These next couple of weeks will be interesting and nerve-wracking too but, regardless of the direction, Dan Snyder seems to be gone for sure, and the healing can begin. I just personally believe the Josh Harris Group gives the likeliest outcome of success of the 3 potential owners.