The Washington Commanders are in the initial stages of possibly having new ownership. The Dan Snyder family has hired Bank of America Securities to consider “potential transactions” of the franchise, which includes finding new ownership.
The team released a statement on the potential sale.
“Dan and Tanya Snyder and the Washington Commanders announced today that they have hired BofA Securities to consider potential transactions. 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.”
Forbes was the first to report about the potential sale. According to the report, Snyder has received at least four calls from groups interested in buying the team. The sale could be for the entire organization or a minority stake.
The NFL issued a statement on the potential sale.
“Any potential transaction would have to be presented to the NFL Finance Committee for review and require an affirmative vote by three quarters of the full membership (24 of 32 teams),” Chief NFL spokesman Brian McCarthy said.
Snyder bought out all minority stakes in the team last year, giving the family 100% ownership. Forbes lists the Commanders as the sixth-highest valued franchise in the NFL at $5.6 billion, trailing only the Dallas Cowboys ($8 billion), New England Patriots ($6.4 billion), Los Angeles Rams ($6.2 billion), New York Giants ($6 billion), and Chicago Bears ($5.8 billion).
Not only does Snyder own the Commanders, FedEx Field and the land surrounding it in Landover, but he also owns 150 acres at the team’s headquarters (located in Ashburn, Virginia).
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The Commanders have only had three owners in the club’s 91-year history: George Preston Marshall from 1936 to 1968, Jack Kent Cooke from 1969 to 1996, and Snyder since 1999 — after purchasing the franchise from the Cooke estate for $800 million (the largest transaction in sports history at the time).
Commanders president Jason Wright believes the franchise will have a new stadium by 2027, as it is contractually obligated to play at FedEx Field until 2026. Maryland lawmakers agreed to a $400 million subsidy for developing the neighborhoods around the FedEx Field site earlier this year, making the area a contender for a potential new stadium. Washington D.C. and northern Virginia are the other areas of consideration.
A full sale of the Commanders would likely be the largest in NFL history, given the franchise’s location, prestige, and worth. The Denver Broncos were the latest team to exchange ownership, as the final sale went for $4.65 billion this summer.
Snyder is in his 24th season owning the Commanders, who have just five winning seasons and two playoff victories in that span. The Commanders have had 14 losing seasons since Snyder took over and have never reached a conference championship game under Snyder’s ownership.