The Washington Commanders announced that the Dan Snyder have hired Bank of America Securities to “consider potential transactions.”
Daniel Snyder : Hires Bank of America | Securities
Daniel Marc Snyder is an American businessman and owner of the Washington Commanders, an American football team belonging to the National Football League (NFL).
| Born | November 23, 1964 Silver Spring, Maryland, U.S.
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| Nationality | American |
| Occupation | Owner of the Washington Commanders |
He bought the team, then known as the Washington Redskins, from Jack Kent Cooke’s estate in 1999.
Snyder’s ownership of the team has been controversial, with accusations of a toxic workplace culture leading to a Congressional investigation, as well as the lack of success sustained by the team.
Dan Snyder hires Bank of America
Washington Commanders owner Dan Snyder has hired Bank of America to explore “potential transactions,” the team said Wednesday.
The NFL team hired the bank to help facilitate a potential sale, according to a person familiar with the matter.
Snyder isn’t being forced to sell the team despite mounting pressure to potentially remove him as an NFL owner, the person said.
Snyder and the Commanders are currently being investigated by both the House Oversight Committee and the NFL for sexual harassment and financial misconduct. The NFL’s probe is being led by former Securities and Exchange Chair Mary Jo White.
“Mary Jo White is continuing her review. We have no update on a timeline,” the league said Wednesday.
ESPN reported later Wednesday the alleged financial misconduct is also the subject of a criminal probe by federal prosecutors with the U.S. attorney’s office in the Eastern District of Virginia.
A deal for the Commanders could value the team as much as $7 billion, the person said. Forbes valued the team at $5.6 billion in its annual team valuations list, making the franchise the sixth most valuable in the NFL.
Securities
The Washington Commanders announced on Wednesday that the team and its owners have hired Bank of America Securities to “consider potential transactions”, raising the possibility that Dan and Tanya Snyder could sell the scandal-hit franchise.
“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,” the statement said.
Wednesday’s statement is open to interpretation and the Snyders could choose to sell only part of the Commanders or nothing at all. However, it arrives at a time when the Snyders have come under increasing pressure to sell up.
In 2020, reports emerged that workplace sexual harassment against female employees was pervasive at the Commanders, and Congress is currently investigating the allegations. The NFL launched its own investigation into the claims and fined the Commanders $10m.
There are also investigations in Washington DC and Virginia into allegations of financial misconduct at the Commanders, which the organization denies.
However, the Indianapolis Colts’ Jim Irsay later became the first NFL owner to call for Snyder to sell the team. Removing Snyder would require 24 votes from the other 31 team owners but Snyder can choose to sell the team voluntarily.
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