The owners of the NFL’s Washington Commanders, Dan, and Tanya Snyder, have reportedly recruited Bank of America Securities to “explore prospective deals,” thus the team may soon be up for sale.
The team’s unexpected choice to hire the investment bank was made public on Wednesday. A spokeswoman responded, “We are examining all alternatives,” when asked if the Snyders were thinking about selling the club in whole or in part.
Snyder has often stated that he would never sell the club. However, it may mean a full sale in the face of rising pressure and several continuing investigations, or it could mean bringing in new investors more than 18 months after the Snyders bought out the previous minority owners.
Other professional sports clubs have been sold through BofA Securities, notably Steve Ballmer’s acquisition of the NBA’s Los Angeles Clippers in 2014. Additional comments were requested through messaging, but the company did not respond right away.
The Commanders are worth an estimated $5.6 billion, according to Forbes – a sevenfold gain from the then-record $800 million Snyder spent for the club in 1999. That ranks sixth among the league’s 32 clubs and would cost more than the $4.65 billion Walmart heir Rob Walton spent for the Denver Broncos earlier this year.
How quickly a potential transaction may occur was not immediately apparent. According to Forbes, which cited unnamed sources, Snyder has already fielded at least four calls from organizations looking to purchase the club.
Any proposed deal would have to be brought to the NFL Finance Committee for examination and require an affirmative vote by three-quarters of the whole membership, according to league spokesman Brian McCarthy. Thus, 24 of the 32 owners.
“The Snyders remain devoted to the club, all of its employees, and its numerous supporters,” the organization stated in a press release announcing the decision. “The Snyders continue the effort to establish the gold standard for workplaces in the NFL.”
After an investigation uncovered a hostile workplace environment, which led to a $10 million fine and subsequent investigations that are still being conducted, Snyder’s ownership in Washington has come in for more criticism. Investigations into suspected financial irregularities and complaints of sexual harassment are now being conducted by the league office and Congress.
For More articles – tenditlive
Jim Irsay, the owner of the Indianapolis Colts, stated at the most recent league meeting that firing Snyder had “merit” since he is suspected of groping a team employee and of presiding over a work environment where women were often harassed and denigrated.
Unless Snyder willingly decided to sell the club that was renamed the Commanders earlier this year, 24 of the other 31 owners would need to vote to remove Snyder from his position.
The decision to investigate selling was hailed as “a good development” by Lisa Banks and Debra Katz, attorneys who are on the side of more than 40 former team members.
They added in a statement, “We will have to wait and see how this plays out, but this may certainly be a huge step towards healing and closure for the many brave women and men who came forward.”
During Snyder’s 23 years as owner, the club has one of the poorest records in the league and has only won two playoff games overall.
After purchasing our Fred Smith, Dwight Schar, and Bob Rothman’s 40.5% ownership of Washington Football Inc., the Snyder family acquired complete ownership of the franchise in March 2021.