Washington Commanders owner Dan Snyder has hired Bank of America to “consider potential transactions” regarding team ownership.
The scandal-ridden owner confirmed in a statement on Wednesday a report from Forbes that the bank had been hired to handle selling the team, if he chooses to do so.
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Statement from the @Commanders, confirming the Snyders have hired Bank of America to “consider potential transactions”. pic.twitter.com/LxNoM4EDCM
— Albert Breer (@AlbertBreer) November 2, 2022
“Dan and Tanya Snyder and the Washington Commanders announced today that they have hired BofA Securities to consider potential transactions. 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,” the statement said.
The report from Forbes said Snyder is “exploring all options” and may be seeking a sale of the whole team or a minority stake. Snyder bought out the minority owners’ stakes in the NFL franchise last year, gaining full control of the team for the first time since he purchased it in 1999.
Snyder has been under pressure to sell the team amid reports of allegations of a toxic work environment perpetuated by the owner and other team executives, leading to Snyder testifying before a House committee over the allegations. The Commanders owner was fined $10 million by the NFL after a league investigation found the team conducted the organization in a “highly unprofessional” manner, which included intimidation, bullying, allegations of sexual harassment, and a lack of respect for women in the workplace.
Calls for Snyder to sell the team have come from fans and those outside the organization for decades amid the team’s constant mediocre performance under his ownership and the team’s controversial longtime name. Snyder quelled the controversy over the team’s name when he announced the decision to retire the “Redskins” team name in 2020.
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The team was valued at $5.6 billion by Forbes in its 2022 NFL valuations, ranking sixth out of the 32 NFL teams. The most recent NFL team sale was the Denver Broncos, which was purchased by Walmart heir Rob Walton in June for $4.65 billion. The history of the Commanders and attachment to the nation’s capital will likely raise its sale price, compared to the Broncos.
The sale of the Commanders could come as the team looks to turn around recent misfortunes and make its first Super Bowl appearance since the 1991 season and build a new stadium to replace the aging FedEx Field in Landover, Maryland.
