Dan Snyder hires Bank of America to explore possible sale
The Washington Commanders said Wednesday that owner Dan Snyder has recruited Bank of America to investigate “potential transactions.”
According to a person familiar with the situation, the NFL franchise contacted the bank to assist with a potential sale.
According to the source, Snyder is not being forced to sell the franchise despite rising demand to remove him as an NFL owner. Snyder and the Commanders are currently being investigated for sexual harassment and financial malfeasance by both the House Oversight Committee and the NFL. Former Securities and Exchange Commission Chair Mary Jo White is leading the NFL investigation.
“Mary Jo White is continuing her investigation. “We have no new information on a timeline,” the league stated on Wednesday.
According to the source, a sale for the Commanders might be worth up to $7 billion. The team was valued at $5.6 billion by Forbes in their annual team valuations list, making it the NFL’s sixth most valuable franchise.
The NFL said on Wednesday that any agreement would have to go via its finance committee and be approved by 24 of the league’s 32 teams.
At last month’s NFL owners’ meeting, Indianapolis Colts owner Jim Irsay stated that there was “reason to remove” Snyder as the owner of the Commanders.
“It’s something we have to review, we have to look at all the data, we have to be meticulous, and it’s something that has to be taken seriously,” Irsay said of the vote to remove Snyder last month.
Following Irsay’s remarks, the Commanders issued a statement stating that Snyder would not sell the franchise.
“We are convinced that, once he has seen the true information, in this case, Mr. Irsay will determine that the Snyders have no cause to consider selling the franchise. And they will not,” according to the statement.
Snyder has had ownership of the Commanders since 1999. The Commanders have made the playoffs six times in the last 23 seasons but have failed to get to a conference title game. Snyder has consistently garnered criticism from Commanders fans for his actions and the team’s performance.
The Washington D.C. Metropolitan Police Department has scheduled a press conference for this afternoon to update several active investigations. Sources tell me one of the updates will be an arrest in connection with the shooting of #Commanders RB Brian Robinson.
— Mike Garafolo (@MikeGarafolo) November 2, 2022
