The controversial owner is now prepared to “consider potential transactions” regarding the Washington Commanders.
UPDATE 11/2: ESPN’s Don Van Natta reported late Wednesday afternoon that the US Attorney’s office for the Eastern District of Virginia has begun a federal investigation into alleged “financial improprieties” by the Washington Commanders organization.
On Wednesday, Washington Commanders owner Dan Snyder released the statement that football fans in DC and all points beyond had been waiting for years to read. Amid seemingly endless controversy, he finally stated intentions to explore a possible sale of the franchise.
As the statement reads:
“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.”
Forbes was first to report the news.
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A consistently controversial figure in football, Snyder has been under significant pressure to sell the team for years. On Oct. 13, ESPN reported that the owner had told members of his inner circle he had gathered dirt on multiple fellow NFL owners, coaches, executives, and even some of his employees; the story prompted Snyder to release a statement claiming ESPN’s reporting “is patently false and intended to erode the trust and goodwill between owners.”
As for whether Snyder’s controlling stake in the team could be sold or simply a minority stake, a spokesperson told several media outlets that “we are exploring all options.”
Sportico currently values the Commanders at $4.78 billion, whereas Forbes has the team at $5.6 billion. The Denver Broncos were sold earlier this year for $4.65 billion.
Dan Snyder first purchased the Washington franchise in 1999 for $800 million. His time as majority owner has been marked by multiple scandals, including repeated allegations of a toxic workplace culture inside the organization and years of heel-dragging and willful defiance regarding calls to change the team’s previous nickname.
Over the past decade, every NFL team sale has risen tremendously. In 2012, the Jacksonville Jaguars sold to Shadid Khan for $760 million. Two years later, the Buffalo Bills were purchased for $1.4 million. Four years after the Bills were bought the Carolina Panthers were sold for $2.27 million. And so with the trajectory of NFL team sales only rising there is a possibility that the Washington Commanders’ sale could eclipse $5 billion if the team is sold in its entirety.
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