Washington Commanders owner Dan Snyder appears closer to a sale enlisting the help of Bank of America to “consider potential transactions.”
Washington Commanders : Who will buy | Auction
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.
Who will buy Washington Commanders
Ted Lerner currently owns the Washington Nationals baseball team in the MLB, is most likely to buy Washington Commanders.
This means he already has a working relationship with Washington, D.C., and is in an exclusively small group of American sports franchise owners.
It would be a relatively simple transition if he were interested in purchasing the Washington Commanders.
His net worth is currently estimated at $6.1 billion, so he may need other investors on board, but he makes a ton of sense as a leading candidate.
Also Amazon founder Jeff Bezos is already involved with the NFL. He recently purchased the rights to Thursday Night Football to be featured on his Amazon Prime streaming service.
He now has the opportunity to purchase the Washington Commanders and has the wealth to make a massive offer if he wants to.
His net worth is currently estimated at around $126 billion, making him one of the top five richest people in the world.
Jay-Z is the first billionaire in hip hop history, estimated to be worth $1.4 billion. His wife Beyonce is worth an additional $500 million.
The rapper already has experience in sports ownership as he previously owned the Brooklyn Nets basketball team in the NBA.
He would need other investors on board, but he could take the next step to NFL ownership. Jay-Z will likely be a welcome addition to the group of NFL owners, as they and Roger Goodell have expressed their desire for more diversity.
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Dan Snyder and the Commanders have been embroiled in several years of controversy regarding the alleged sexual harassment and violation of cheerleaders’ privacy, the alleged discrimination and harassment of women in the workplace, and the team name.
Snyder and the Commanders have been sued multiple times by former team cheerleaders and female employees, and have more recently been accused of holding back ticket revenue that should have gone to the league.
Snyder was removed from the team’s day-to-day operations last year following an investigation into harassment and toxic workplace claims, and replaced by his wife, Tanya.
But the lack of a written report from that investigation, which was conducted by a lawyer originally hired by Snyder, led to a Congressional investigation which required depositions from commissioner Roger Goodell and Snyder himself, among others.
The Congressional investigation is still ongoing, and the transcript from Snyder’s deposition has yet to be released.
Snyder is also currently being investigated by the NFL for, among other things, additional allegations of sexual harassment made against him specifically.
That list of crimes and accusations is far, far from complete, and it doesn’t really begin to describe how Snyder has become an ugly, throbbing boil on the butt of the NFL.
Yet until a few weeks ago, at the NFL owners meetings, not one executive had spoken out about him. Indianapolis Colts team owner Jim Irsay became the first owner to speak out against Snyder and publicly support his removal.