(Image Washington Commanders IG)
Washington Commanders owner, Dan Snyder has hired Bank of America to explore selling the team, according to a report confirmed by the team.
This report came shortly after the fall meeting with NFL Commissioner Roger Goddell and the owners of the 32 franchises to discuss ongoing NFL investigations for workplace misconduct, sexual harassment, and lack of financial transparency by the Commanders owner. The Commanders are also looking to purchase a new stadium, possibly in D.C. or Virginia, after their lease at FedEx Field ends in 2027.
Snyder and his family own 100% of the team, with their 2021 acquisition of the remaining 40.5% ownership stake for $875 million. Bank of America will assess the value of the franchise if sold in whole or in part.
According to Forbes 2022 NFL valuation, the Commanders are worth an estimated $5.6 billion. The most recent sale of an NFL team was the Denver Broncos, sold earlier this year for $4.65 billion to a group led by Walmart heir Rob Walton in the most expensive American sport franchise sale ever.
The list of potential buyers includes Amazon CEO Jeff Bezos, Philadelphia 76ers and New Jersey Devils owner Josh Harris, rapper Jay-Z, basketball superstar Kevin Durant, and Clearlake Capital. Vista Equity Partners CEO Robert F. Smith and Entertainment Studios head Byron Allen both appear to be making bids to become the first Black majority owner of an NFL team in history. Both Harris and Allen made unsuccessful bids to purchase the Broncos.
Two of the rules that will impact the sale are the requirements that the lead owner have at least a 30% ownership stake, and 24 of the 32 owners must approve the sale. While it generally takes nine months or more to conduct a sale, it is believed the process may be expedited if the franchise is sold in whole