Commanders explore possible sale: Dan Snyder hires Bank of America for ‘potential transactions’

Commanders explore possible sale: Dan Snyder hires Bank of America for ‘potential transactions’

The Washington Commanders are in the initial stages of possible new ownership. The Dan Snyder family has hired Bank of America Securities to look into “potential transactions” for the franchise, which includes finding new ownership.

The team released a statement about the potential sale.

“Dan and Tanya Snyder and the Washington Commanders announced today that they have engaged BofA Securities to consider a potential transaction. The Snyders remain committed to the team, all of its employees and its countless fans in putting the best product on the field and continuing to set the gold standard for jobs in NFL.”

Forbes was the first to report about potential sales. According to the report, Snyder has received at least four calls from groups interested in buying the team. The sale can be for the entire organization or for a minority stake.

The NFL issued a statement about the potential sale.

“Any potential transaction would have to be presented to the NFL’s finance committee for review and would require the affirmative vote of three-quarters of the full membership (24 of the 32 teams),” NFL chief spokesman Brian McCarthy said.

Snyder bought out all minority stakes in the team last year, giving the family 100% ownership. Forbes lists the Commanders as the sixth most valuable franchise in the NFL at $5.6 billion, behind only the Dallas Cowboys ($8 billion), New England Patriots ($6.4 billion), Los Angeles Rams ($6.2 billion), New York Giants ($6 billion), i Chicago Bears ($5.8 billion).

Not only does Snyder own the Commanders, FedEx Field and the land surrounding it in Landover, but he also owns 150 acres at the team’s headquarters (located in Ashburn, Virginia).

The Commanders have had only three owners in the club’s 91-year history: George Preston Marshall from 1936 to 1968, Jack Kent Cooke from 1969 to 1996 and Snyder since 1999 — after purchasing the franchise from Cooke’s estate for $800 million dollars (the largest transaction in the history of sports at that time).

Commanders president Jason Wright believes the franchise will have a new stadium until 2027, as he is contractually obligated to play at FedEx Field until 2026. Maryland Legislators agreed to a subsidy of 400 million dollars for neighborhood development around the FedEx Field site earlier this year, making the area a contender for a potential new stadium. Washington DC and northern Virginia are other areas to consider.

A complete sale of the Commanders would likely be the largest in NFL history, given the franchise’s location, prestige and value. The Denver Broncos they were the last team to change ownership, as the final sale this summer went for $4.65 billion.

Snyder is in his 24th season as the owner of the Commanders, who have only five winning seasons and two playoff wins in that span. The Commanders have had 14 losing seasons since Snyder took over and have never reached the conference championship game under Snyder’s ownership.

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