Washington Commanders owner Dan Snyder hires Bank of America to explore possible sale

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  • Forbes values ​​Washington Commanders at $5.6 billion.
  • According to a person familiar with the matter, Snyder is not being forced to sell the team.
  • The sale of Commanders could be worth up to $7 billion, the source said.

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Washington Commanders owner Dan Snyder has hired Bank of America to look into “potential transactions,” the team said Wednesday.

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The NFL team hired a bank to facilitate a potential sale, according to a person familiar with the matter.

Snyder is not forced to sell the team despite growing pressure to potentially remove him as NFL ownersaid the man. Snyder and the Commanders are currently under investigation by both House Oversight Committee and the NFL for sexual harassment and financial misconduct. The NFL investigation is led by former Securities and Exchange Chair Mary Jo White.

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Mary Jo White continues her review. We don’t have an update on the timeline,” the league said on Wednesday.

ESPN reported later Wednesday, alleged financial misconduct is also the subject of a criminal investigation by federal prosecutors in conjunction with the U.S. Attorney’s Office for the Eastern District of Virginia.

The Commanders deal could cost the team up to $7 billion, the source said. Forbes rated the team at the level of 5.6 billion dollars on its annual team valuation list, making the franchise the sixth most valuable in the NFL.

On Wednesday, the league said any deal would have to go through the finance committee and get approval from 24 of the NFL’s 32 teams.

Indianapolis Colts owner Jim Irsay told an NFL owners’ meeting last month that there was “merit” in removing Snyder as team owner.

“This is something we need to reconsider, we need to look at all the evidence, and we need to be thorough, and this needs to be taken seriously,” Irsey said of the vote to remove Snyder last month.

Following Irsey’s comments, the commanders released a statement saying that Snyder would not sell the team.

“We are confident that when he has the opportunity to see the actual evidence in this case, Mr. Irsay will conclude that there is no reason for the Snyders to consider selling the franchise. And they won’t,” the statement said.

Snyder has owned Commanders since 1999. The Commanders have made the playoffs six times over the past 23 seasons and have yet to reach a conference title game. snyder painted constant anger from Commanders fans for his behavior and team play.

Credit: www.cnbc.com /

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