The NFL’s Washington Commanders are on the verge of a record sale.

The NFL’s Washington Commanders are on the verge of a record sale.A group led by investor Josh Harris and NBA legend Earvin “Magic” Johnson has reached an agreement to take over the franchise from owner Dan Snyder. The two parties made the announcement on Friday. The sale price is expected to reach a top value of $6.05 billion (about 5.6 billion euros), according to U.S. media reports.

The previous record price for the sale of a sports team is around five billion euros for Chelsea FC, and for an NFL franchise is 4.65 billion dollars (around 4.35 billion euros) for the Denver Broncos. The Commanders were valued at $5.6 billion by Forbes magazine last August, the sixth-highest value in the Football League.

“We are very pleased to have reached an agreement with local native Josh Harris and his impressive group of partners to sell the Commanders franchise,” Snyder and his wife Tanya, co-owner, are quoted as saying on the team’s website, “We look forward to closing this transaction quickly and rooting for Josh and the team in the years to come.”

Harris already owns the Philadelphia 76ers in the NBA and co-owns the New Jersey Devils in the NHL. He is also a general partner of Crystal Palace soccer club in the English Premier League. The acquisition must still be approved by NFL team owners, who will meet May 22-24 in Minneapolis. The sale of a franchise requires the approval of 75 percent of the other 31 NFL clubs.