Snyders hires Bank of America Securities to explore sale of Commanders

Snyders hires Bank of America Securities to explore sale of Commanders

ASHBURN, Virginia — Commanders of Washington Co-owners Dan and Tanya Snyder announced they have hired Bank of America Securities to explore potential transactions involving the team.

A statement from the team did not specify what those transactions might be, whether they involved the sale of the team or whether they were pursuing minority investors.

A commanders spokesman said the team was exploring all options.

“The Snyders remain committed to the team, all of their employees and their countless fans to put the best product on the field and continue to work to set the gold standard for NFL jobs,” said the team in the statement.

Congress continues to investigate Dan Snyder for the workplace culture created during his ownership. The NFL, led by attorney Mary Jo White, is also investigating Snyder for a second time, following an allegation of sexual misconduct. The first investigation resulted in a $10 million fine for the organization.

There are also investigations by the attorneys general of Virginia and Washington, DC, into financial improprieties by the organization, which the team has denied.

Two weeks ago, the Commanders released a statement saying that Snyder would never sell the franchise, in response Indianapolis Colts owner Jim Irsay said at the NFL fall meeting in New York that there is merit to consider whether they should vote him out as an owner

The league requires 24 of the 32 owners to approve such a vote, which has never been done at the NFL level.

Commissioner Roger Goodell told reporters at the fall meeting that he had “little to no discussion” with ownership on the Snyder issue, largely because the White investigation is not complete.

A recent ESPN research detailed the matter and how Snyder has told associates that he has used private investigators and other sources to gather dirt on his teammates, coaches and executives.

Snyder sent a letter to other NFL owners addressing ESPN’s investigation and denying that he ever used private investigators on the owners or Goodell.

Snyder has owned the team since 1999, when he paid $800 million. He gained full control of the franchise in late 2020 when he bought out its three minority investors. The franchise is now worth $5.6 billion, according to Forbes.

ESPN’s Adam Schefter contributed to this report.

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