Dan Snyder hired the bank to help facilitate a potential sale of Washington Commanders, according to a person familiar with the matter.
Washington Commanders : Selling team | Valuation
The Washington Commanders are a professional American football team based in the Washington metropolitan area.
- Established July 9, 1932
- First season: 1932
- Play in FedExField (Landover, Maryland)
- Headquartered in Ashburn, Virginia
The Commanders compete in the National Football League (NFL) as a member club of the league’s National Football Conference (NFC) East division.
The team plays its home games at FedExField in Landover, Maryland; its headquarters and training facility are in Ashburn, Virginia.
The team has played more than 1,000 games and is one of only five in the NFL with more than 600 total wins.
Washington was among the first NFL franchises with a fight song, “Hail to the Commanders”, which is played by their marching band after every touchdown scored by the team at home.
Selling team
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.
Washington Commanders Valuation
Forbes values the Washington Commanders at $5.6 billion, which is nearly $1 billion more than the Denver Broncos recently sold for, which was far and away a record for an NFL team — or any team anywhere.
- TEAM VALUE : $5.6B Calculated August 2022
- OWNER(S) : Daniel Snyder
- CHAMPIONSHIPS : 5
- YEAR PURCHASED : 1999
- PRICE PAID : $750M
After two seasons playing as the Washington Football Team, Dan Snyder’s franchise has a new name: The Washington Commanders. Washington’s front office chose the new name from a list of three finalists.
But as recently as September of 2021 had eight finalists according to co-owner Tanya Snyder – Armada, Brigade, Commanders, Defenders, Presidents, RedHogs, Redwolves, and keeping the Washington Football Team.
In the team’s press release announcing the name change co-owner Dan Snyder said, “As an organization, we are excited to rally and rise together as one under our new identity while paying homage to our local roots and what it means to represent the nation’s capital.”
At one point, The Commanders were the most valuable team in the NFL for seven straight years. The team has ranked fifth or lower in six of the last seven years.
The report says Washington is worth $5.6 billion, which is a 33% increase in value from last year.