Commanders owner Dan Snyder confirms hiring Bank of America, reportedly exploring selling franchise – Boston Herald
Dan Snyder has hired Bank of America securities as the embattled owner of the Washington Commanders is exploring selling the NFL franchise, Forbes reported Wednesday morning.
“Dan and Tanya Snyder and the Washington Commanders announced today that they have hired BofA Securities to consider potential transactions,” the Commanders said in a statement in response to Forbes’ report.
“The Snyders remain committed to the team, all of its employees and the countless fans to putting the best product on the field and continuing the work to set the gold standard for workplaces in the NFL.”
While the statement does not specifically indicate a sale, a team spokesperson told the NFL Network that “we are exploring all options.”
There have been countless calls for the 57-year-old to sell the Commanders including Colts owner Jim Irsay who was the first owner to publicly express that Snyder should sell the team last month at the NFL owners’ meetings in Manhattan.
“I believe that there’s merit to remove him as owner of the [Commanders],” Irsay said inside the Conrad New York Downtown hotel. “I think it’s something we have to review. We have to look at all the evidence, and we have to be thorough. But I think it’s something that has to be given serious consideration.”
Irsay also added that he believed the owners would secure the necessary 24 votes to get Snyder out as owner.
Snyder has been at the focal point of controversy for quite some time. An NFL report revealed that the Commanders had an “unprofessional” and “toxic” workplace environment which resulted in a $10 million fine. Snyder also had to hand the keys of the team over to his wife Tanya. In February, Congress hosted a hearing where allegations of Snyder committing sexual misconduct by a former team employee were revealed. Snyder has denied the allegations.
The NFL then hired Mary Jo White — former chair of the U.S. Securities and Exchange Commission — to investigate the misconduct allegations. But the scope of that investigation has grown to include potential financial improprieties.
“Today’s news that Dan and Tanya Snyder are exploring selling the Washington Commanders is a good development for the team, its former and current employees and its many fans,” Attorneys Lisa Banks and Debra Kratz, who represent over 40 former employees of the Washington Football Team, said in a statement via NBC Sports Washington. “We will have to see how this unfolds, but this could obviously be a big step towards healing and closure for the many brave women and men who came forward.”
On Oct. 13, ESPN published a report that quoted an executive saying NFL commissioner Roger Goodell “wants Snyder gone tomorrow,” and that owners and executives are sick of the NFL “propping up” and “protecting” Washington’s franchise. There were even rumblings that last spring there were plans for a meeting to vote Snyder out.
The sudden move to consider a sale after recently denying that it was a possibility could indicate that the White’s investigation is reaching a close and Snyder doesn’t like what’s about to come.
Or perhaps, Snyder is folding to the pressure.
For years, Snyder also pushed back on the idea of changing his team’s name, but after public and economic pressure the owner ditched the offensive nickname in 2020 and went by “The Washington Football Team” for two years.
The franchise then rebranded as the Washington Commanders before the 2022 season.
Now, a little over two weeks after Irsay’s public comments stating that the Commanders should have a change in ownership, Snyder appears to be beginning the process.
The Commanders are currently valued at $5.6 billion by Forbes, which ranks sixth among the league’s 32 teams. The Broncos, who were just sold in June of 2022, came with a $4.65 billion price tag.
Synder bought the NFL team in 1999 for $800 million and his family took full control of the franchise in March 2021.
– With News Wire Services
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