Dan Snyder hires firm to ‘explore’ sale of Washington Commanders

The Bank of America Securities have been hired to ‘consider potential transactions’

(AP)

Controversial Washington Commanders owner Dan Snyder appears closer to a sale after enlisting the help of Bank of America Securities to “consider potential transactions.”

After Snyder and his wife Tanya made the surprise move on Wednesday, the intent behind it became clearer when a spokesperson said they are “exploring all options” when pushed over the possibility of a sale in the near future.

There has been immense pressure from within the NFL and outside the league for Snyder to sell, while there are also multiple ongoing investigations, but a full sale is yet to be confirmed, with Snyder’s previously steadfast in his stance to never sell the team.

But new investors could emerge 18 months on fro the Snyders buying out the previous minority owners.

BofA Securities has handled other sales of professional sports teams, including Steve Ballmer buying the NBA’s Los Angeles Clippers in 2014. A message sent to the firm seeking additional comment was not immediately returned.

The Commanders are worth an estimated $5.6 billion, according to Forbes. That ranks sixth among the league’s 32 teams and would be more than the $4.65 billion Walmart heir Rob Walton paid for the Denver Broncos earlier this year.

It was not immediately clear how soon a possible sale could happen. Citing anonymous sources, Forbes reported Snyder has already received at least four calls from groups interested in buying the team.

In the statement announcing the decision, the team said, “The Snyders remain committed to the team, all of its employees and its countless fans to putting the best product on the field and continuing the work to set the gold standard for workplaces in the NFL.”

Snyder‘s ownership in Washington has come under increased criticism after an investigation found a toxic workplace culture and prompted a $10 million fine and additional reviews that are ongoing. The league office and Congress are currently investigating various organizational improprieties, including allegations of sexual harassment and potential financial improprieties.

Indianapolis Colts owner Jim Irsay said at the most recent league meeting there was “merit” to removing Snyder, who has been accused of sexual harassment and of overseeing a workplace in which women were frequently harassed and demeaned.

It would take 24 of the other 31 owners to vote to remove Snyder, unless he voluntarily chose to sell the team that was renamed the Commanders earlier this year. The day of Irsay’s comments, a team spokesperson said the Snyders wouldn’t consider selling the franchise.

Snyder bought the team in 1999 for a then-record $800 million, and it has won just two playoff games since.

The Snyder family took full control of the team in March 2021 after buying out the 40.5% stake of Washington Football Inc. owned by Fred Smith, Dwight Schar and Bob Rothman.