Dan Snyder has taken a major step in the direction of selling the Washington Commanders.
Snyder and his wife Tanya have hired Bank of America Securities “to consider potential transactions” for the franchise that Snyder has owned since 1999, the team announced. According to Forbes, the 57-year-old already has at least four calls from people interested in buying the team.
Regarding whether Snyder was considering selling all or part of the team, a Commanders spokesperson told the Associated Press, “We are exploring all options.”
Snyder has been the subject of never-ending controversy since he bought the team, most notably in recent years, in which allegations of workplace misconduct went all the way to a congressional hearing. Snyder himself has also been accused of sexual misconduct.
Snyder has appeared desperate to keep control of the team, with a recent ESPN report claiming he has been trying to dig up dirt on other owners in an attempt to cling to ownership. Soon after, Colts owner Jim Irsay said there could be “merit” to removing him as owner.
The team changed their name from the derogatory Redskins moniker after years of protests from Native American groups and others. Since then, team revenue has increased sharply, per Forbes, and Snyder also bought out minority stakeholders in 2021 to gain full control of the team.
Snyder could get a huge payout if he were to go forward with the sale, and this step of hiring BofA feels like a significant move in that direction. According to Forbes, any transaction could be for the entire team or a minority stake.
The bank has handled other notable team sales, including when Steve Ballmer purchased the Los Angeles Clippers in 2014.
The team is also trying to build a new stadium, which could significantly increase the value of the team. Snyder already owns FedEx Field and a significant amount of land around it.