The Washington Commanders are in the early stages of a potential new ownership. The Dan Snyder family has hired Bank of America Securities to review “potential transactions” for the franchise, which includes finding new owners.
The team released a statement regarding the potential sale.
“Dan and Tanya Snyder and the Washington Commanders announced today that they have retained BofA Securities to review potential transactions. The Snyders remain committed to the team, all of its employees and its countless fans to bring the best product to market and to continue the work of setting the gold standard for jobs in the NFL.”
Forbes was the first to report the potential sale. According to the report, Snyder has received at least four calls from groups interested in buying the team. The sale can be for the entire organization or a minority interest.
The NFL issued a statement regarding the potential sale.
“Any potential transaction would have to be submitted to the NFL Finance Committee for consideration and would require a positive vote of three-fourths of the full membership (24 of 32 teams),” said Chief NFL spokesman Brian McCarthy.
Snyder bought out all minority stakes in the team last year, taking 100% ownership of the family. Forbes lists the Commanders as the sixth-highest-grossing franchise in the NFL at $5.6 billion, followed by the Dallas Cowboys ($8 billion), the New England Patriots ($6.4 billion), the lot Angeles Rams ($6.2 billion) and the New York Giants ($6 billion). ) and Chicago Bears ($5.8 billion).
In addition to owning Commanders, FedEx Field and surrounding land in Landover, Snyder also owns 150 acres at the team’s headquarters (in Ashburn, Virginia).
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The Commanders have had just 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 the history of sports 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 through 2026. The Maryland legislature earlier this year approved a $400 million grant for the development of neighborhoods around the FedEx Field site, the area a contender for a possible new stadium. Washington DC and Northern Virginia are the other areas under consideration.
A complete sale of the Commanders would likely be the largest in NFL history given the franchise’s location, prestige and value. The Denver Broncos were the last team to swap ownership as the final sale was $4.65 billion this summer.
Snyder is in his 24th season under command of the Commanders, who have won just five seasons and won two playoffs during that span. The Commanders have endured 14 losing seasons since Snyder took over and have never reached a conference championship game under Snyder’s ownership.