The NFL’s Washington Commanders are on the block, and the sale price for one of the league’s most storied franchises could approach $5 billion.
Embattled owner Dan Snyder, who bought the team in 1999 when it was known as the Washington Redskins, has hired Bank of America to find a buyer and facilitate a deal, a statement said. Snyder has been at odds with the league and even some fellow owners in the wake of a sexual harassment investigation.
“Dan and Tanya Snyder and the Washington Commanders announced today that they have hired BofA Securities to consider potential transactions,” the team said in the statement. “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.”
A person described as being familiar with the process told Forbes Snyder has received at least inquiries from potential buyers. Snyder, who owns the team outright, is considering either selling it all or just a minority stake, Forbes reported.
Earlier this year, Sportico listed Washington as the league’s eighth-most-valuable franchise, at $4.78 billion. The Dallas Cowboys, with a valuation of $7.64 billion, were No. 1. Forbes did its own valuation of the Commanders, clocking the team’s worth at $5.6 billion, noting the Snyders own both FedEx Field, the surrounding 264 acres, and its 150-acre complex in Ashburn, Va.
Snyder bought a majority interest in the team in 1999 for $800 million and last year consolidated full ownership. The team was founded in 1932 as the Boston Braves, but moved to Washington five years later and was rechristened the Washington Redskins. In 2020, under pressure from activists, the team dropped the name and was known for the next two years as simply The Washington Football Team. This season, it unveiled its current name.
The team won Super Bowls in 1983, 1988, and 1992.
Snyder, 57, made his fortune in indoor advertising and marketing. His tenure as an NFL owner has been stormy, marked by a losing record and only a few brief playoff appearances. In addition, a 2021 investigation into the team’s workplace culture, prompted by an explosive Washington Post report alleging rampant sexual harassment, uncovered incidents of harassment, bullying, and intimidation throughout the organization.
The team was fined $10 million by the league, and Snyder was forced to relinquish his role in running the team’s day-to-day operations.