Washington Commanders “Exploring All Options” as NFL Team Goes Up for Sale
Owners Dan and Tanya Snyder have not indicated if they intend to sell the entire team or just a minority interest
In news that has seemed to be a long time coming and is likely welcomed by the majority of the NFL aside from the teams in the NFC East that enjoy having a doormat in their division year after year, owners Daniel and Tanya Snyder announced the Washington Commanders are for sale.
In an announcement on Twitter, the Snyders said they have hired Bank of America Securities to “consider potential transactions” and a team spokesperson said the franchise is “exploring all options” regarding the potential sale, indicating the Snyders have not indicated if they intend to sell the entire team or just a minority interest.
In the statement announcing the decision, the team said, “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.”
Snyder paid $800 million for the team in 1999 and the franchise is now worth an estimated $5.6 billion, according to Forbes. Considering Walmart heir Rob Walton forked over $4.65 billion for the faltering Denver Broncos earlier this year, the Snyder could likely get somewhere in the range of $6.5 or even $7 billion for a franchise that is only going to increase in value moving forward.
Any potential sale of the Commanders would have to be approved by 24 of the league’s 32 owners, according to league spokesperson Brian McCarthy. “Any potential transaction would have to be presented to the NFL Finance Committee for review and require an affirmative vote by three-quarters of the full membership,” he said.
Ideally, the league would likely prefer for Washington to wind up in the hands of someone who would be able to turn around a once-proud franchise that Snyder has largely turned into a laughingstock during his time as the owner.
Last month during a terrible Thursday Night Football game featuring the Commanders, commentator Al Michaels floated the idea that a sale was coming. “Just my feeling, I think what the league would love is for Snyder to sell the team,” he said as cameras showed Snyder. “Not have to go to a vote, but just sell the team. Because it’s become a major problem around the league, obviously. And we’ll see what happens. I think it’s got a long way to go, and Dan is very well known for digging his heels into the ground.”
Apparently, those heels have loosened. Perhaps Michaels’s boss, Jeff Bezos, will be swooping in to save the day.
Thanks for reading InsideHook. Sign up for our daily newsletter and be in the know.
Suggested for you