- The Snyders have hired Bank of America to explore “potential transactions” around the sale of the Washington Commanders.
- The Snyders own 100% of the team, and it’s unclear if they would sell their whole stake or a minority stake.
- The news comes amid two investigations into the Commanders’ workplace culture.
Daniel and Tanya Snyder, the owners of the Washington Commanders, confirmed a Forbes report on Wednesday that they have hired Bank of America to explore “potential transactions” around the team.
According to Forbes’ Mike Ozanian, there have already been four calls from interested parties.
The Washington Post’s Nicki Jhabvala reported that when asked for further comment on what types of sale options the Snyders are considering, the team said they’re “exploring all options.”
The Snyders own 100% of the Commanders, plus FedEx Field and the team’s Virginia headquarters. It’s unclear if the Snyders intend to sell their entire stake or just a portion of it.
Forbes values the Commanders at $5.6 billion, sixth among NFL franchises.
The Denver Broncos recently sold for $4.65 billion to Walmart heir Rob Walton, a record. In the NBA, the Phoenix Suns are expected to sell for between $3 billion and $4 billion, which would likely be an NBA record.
The hiring of Bank of America, which oversaw Steve Ballmer’s purchase of the LA Clippers in 2014, comes amid investigations by the NFL and U.S. House Committee on Oversight and Reform into the Commanders’ workplace culture.
In October, Indianapolis Colts owner Jim Irsay told reporters at the NFL owners meetings that the Snyders should sell the team.
The Snyders responded by saying that when the findings of the investigations are made public, Irsay will find “there is no reason for the Snyders to consider selling the franchise. And they won’t.”