A group led by American billionaire Josh Harris has reached an agreement over the purchase of the NFL's Washington Commanders with the team's current owners, Dan and Tanya Snyder, the two sides announced on Friday.

The deal needs approval from the league to be completed. Once it is done, the $6.05 billion takeover will set a new record for a sports franchise, beating the previous number of $4.65 billion paid by a group led by Walmart heir Rob Walton to buy the Denver Broncos in August 2022.

ESPN revealed that the NFL team owners will receive an update on the purchase at the meetings in Minneapolis, Minnesota, on May 22 and 23 before voting for it in the following months. It takes approval from at least three quarters of them to complete the deal.

"We are very pleased to have reached an agreement for the sale of the Commanders franchise with Josh Harris, an area native, and his impressive group of partners," the Snyders said in a statement. "We look forward to the prompt completion of this transaction and to rooting for Josh and the team in the coming years."

Harris, the co-founder of asset management firm Apollo Management, has a net worth of $5.8 billion, according to Forbes. He is also the co-owner of the NBA's Philadelphia 76ers and the NHL's New Jersey Devils. His group includes Mitchell Rales, co-founder of global science and technology innovator Danaher Corporation, David Blitzer, co-owner of the Premier League's Crystal Palace with Harris, and NBA legend Magic Johnson.

"On behalf of our entire ownership group ... I want to express how excited we are to be considered by the NFL to be the next owners of the Washington Commanders and how committed we are to delivering a championship-caliber franchise for this city and its fanbase," Harris said in a statement.

"Growing up in Chevy Chase, I experienced firsthand the excitement around the team, including its three Super Bowl victories and long-term winning culture. We look forward to the formal approval of our ownership by the NFL in the months ahead and to having the honor to serve as responsible and accountable stewards of the Commanders franchise moving forward," he added.