Controversial NFL owner Dan Snyder is considering selling the storied Washington Commanders franchise after the team announced he retained Bank of America to explore a potential sale.
On Wednesday, the Commanders announced the move by Snyder following years of controversy, although it is unclear if he would sell the entire team or just add a minority partner to the mix. The franchise has been tarnished by accusations of sexual harassment, while it was forced to change its name back in 2020.
Snyder has owned the Washington franchise since 1999 and the 57-year-old already has four interested buyers, according to Forbes. He bought the franchise from Jack Kent Cooke’s estate and has endured a reign littered with accusations of a 'toxic' workplace culture, as well as the lack of success sustained by the team.
The Commanders franchise is reportedly valued at roughly $5.6 billion. Snyder bought the team for approximately $800 million 23 years ago.
The statement released by the Commanders read: “Dan and Tanya Snyder and the Washington Commanders announced today that they have hired BofA Securities to consider potential transactions. The Snyders remain committed to the team, all of its employees and its countless fans to putting the best product on the field and continuing the work to set the gold standard for workplaces in the NFL.”
The bank has handled other notable team sales, including when Steve Ballmer purchased the NBA’s Los Angeles Clippers in 2014. The Commanders - who are 4-4 in the 2022 season - are also trying to build a new stadium, which could significantly increase the value of the franchise.
The reference to the ‘gold standard for workplaces in the NFL’ is interesting given the team's past.
In 2020, reports emerged that workplace sexual harassment against female employees was prevalent within the franchise, who said they would investigate the allegations, with the inquiry being taken over by the NFL which led to a fine of $10 million. Synder was also instructed to step away from Washington's day-to-day operations.
In December 2020, it was also reported that Snyder had settled a sexual harassment claim with a former female employee for a sum of $1.6 million back in 2009.
Washington were also forced to change their name from the derogatory Redskins moniker after years of protests from Native American groups and fans. Team revenue has spiked since their 2022 rebrand, and Snyder bought out minority partners Fred Smith, Dwight Schar and Bob Rothman for a reported $875 million to gain full control of the team in 2021.
The club also currently faces a criminal investigation in Virginia where the Commanders are accused of financial malpractice for allegedly swindling season ticket holders out of security deposits and improperly withholding ticket revenue from NFL teams. The Commanders have denied these claims.
Fans of the Commanders will be desperate for Snyder to sell not least because the team have been frankly terrible since he took over. The three-time Super Bowl champions have reached the playoffs just six times since 1999, and current head coach Ron Rivera is the 10th since Snyder bought the franchise.
