UPDATE:

Canadian billionaire Steve Apostolopoulos has also reportedly submitted a fully-funded $6 billion bid to purchase the Washington Commanders, sources with knowledge of the situation. told ESPN's Brian Windhorst and Adam Schefter.

Schefter had previously reported that an initial bid was submitted by a group led by Philadelphia 76ers and New Jersey Devils co-owner Josh Harris and billionaire Mitchell Rales, which also includes Basketball Hall of Famer and entrepreneur Earvin 'Magic' Johnson, earlier on Tuesday (March 28).

"With two groups known to have submitted bids, there is a growing belief a purchase agreement could be in place by the NFL Draft," Schefter tweeted.

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The first official bid to purchase the Washington Commanders has reportedly been submitted, a source with knowledge of the situation told ESPN's Adam Schefter on Tuesday (March 28).

The group led by Philadelphia 76ers and New Jersey Devils co-owner Josh Harris and billionaire Mitchell Rales, which also includes Basketball Hall of Famer and entrepreneur Earvin 'Magic' Johnson, reportedly "submitted a fully-financed bid" that meets the $6 billion asking price set by current Commanders owner Dan Snyder, the source told Schefter. The contingent is among three known bidders for the Washington franchise, which also includes groups led by Houston Rockets owner Tillman Fertitta and Canadian billionaire Steve Apostolopoulos.