According to a report from Forbes, Commanders owner Dan Snyder has hired Bank of America to explore options for selling the team.
The report goes on to state they’re looking into selling either the whole team or just a minority stake, which obviously is a major distinction. Snyder bought out the rest of his minority partners and selling a stake in the team could be a way to add extra cash.
The team released a statement saying they’re considering “potential transactions.”
Statement from the Washington Commanders: pic.twitter.com/w5cHk9XtDc
— Nicki Jhabvala (@NickiJhabvala) November 2, 2022
It’s worth noting Snyder has defiantly refused all calls to sell the team for decades, even as the controversy and pressure around his tenure as owner has ratcheted up the past couple of years. This statement lacks that same defiant tone and does not explicitly say Snyder won’t sell the team.
Snyder would make a tidy profit if he sold the Commanders, and the report says it’s at least a consideration. A spokesperson clarified to multiple reporters they are indeed considering selling the team: “We are exploring all options.”
Per Forbes, Snyder has already gotten calls from four perspective groups interested in buying the team.
Snyder is under multiple investigations from the NFL and even Congress, and is facing the prospect of being voted out by his fellow NFL owners. At the fall meetings, Colts owner Jim Irsay took a public stance against Snyder and said the league needed to strongly consider removing him as owner.
There are almost too many issues with Snyder’s tenure to name, but what has pushed Snyder to the brink of removing him have been multiple workplace toxicity and sexual harassment scandals, some implicating Snyder specifically, that are being investigated by the NFL and Congress.
Perhaps more importantly to the other owners, Snyder’s failure to secure funding for a new stadium and other business woes have sapped any goodwill he might have had.
We’ll have more on Snyder and the Commanders as the news is available.
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