Dan Snyder exploring sale of Washington Commanders; what could happen?
Washington Commanders owner Dan Snyder has hired the Bank of America to explore “potential transactions” in the possible sale of the team.
It comes after months of pressure amid uncertainty regarding the future of the franchise, with both the Commanders and Snyder subjects of two on-going NFL investigations into sexual harassment and financial misconduct. The investigations are being led by former Securities and Exchange Chair, Mary Jo White.
The Virginia and D.C. Attorneys General are also investigating the team after an allegations of illegally withholding security deposits from fans and hiding revenue from the NFL over the past decade.
Despite all the uncertainty, Snyder isn’t being forced to sell the team yet. But with Indianapolis Colts owner Jim Irsay recently becoming the first NFL owner to publicly admit that there was “merit to remove” him from the league, pressure has been building.
And, despite previously insisting that he wouldn’t sell the team, Snyder, who has owned the Commanders since 1999, has now made a dramatic U-turn.
How much are they worth?
Forbes value the team at around $5.6 billion in its annual team valuations list. However, that valuation is nearly $1 billion more than what the Denver Broncos were recently sold for. Any sale close to the valuation would not just be a record for an NFL team, but any team from any sport.
After purchasing the remaining 40.5 percent stake in the franchise for $875 million back in 2021, Snyder and his family are the sole owners of the team. It’s unclear whether Snyder is thinking about selling the controlling or just a minority stake in the Commanders, and is said to be considering “all options” at this stage.
The NFL requires the lead investor in the purchase of a franchise to own at least 30 percent of the team. However, it is expected a sale would be for much greater than that size.
The Commanders are in the top market and a potential money-maker. The Forbes valuation makes them the sixth most valuable team in the NFL. A new stadium for the team has been on the cards for some time, and a new owner may accelerate those plans, further aiding to the team’s value.
Who can afford them? Well, Amazon CEO Jeff Bezos has been figured as a potential candidate. Given his extreme wealth, if he is serious about the purchase of the team, financial competition should not be an issue.
Philadelphia 76ers and New Jersey Devils owner Josh Harris, one of the runners-up in the sale of the Broncos this year, is another name in contention.
What does this mean for the Commanders?
For the investigations, the potential sale should have no impact on the probes into Snyder and the Commanders, and any theoretical punishment they may receive.
To business and one of the biggest priorities for a new owner would be the plans for a new stadium, with the current administration hoping to have a plan in place this year. The lease on FedEx Field, described as the most dangerous stadium in the NFL, runs until 2027, but a new stadium build would take years. Any action would need a fairly robust decision.
On the field, the Commanders have made the playoffs just six times in Snyder’s 23 seasons with the team. He’s drawn consistent criticism from fans for the team’s performances, with just two winning seasons since 2010.
There has been a never-ending search at quarterback for the Commanders over the years, with Taylor Heinicke and Carson Wentz now at the helm.
But, with a potential new owner, could the franchise be about to embrace a new beginning and perhaps a brighter future?
