The asking price for one of the most illustrious teams in the game may be as high as $5 billion, as the Washington Commanders of the NFL are up for sale.
According to a statement, embattled owner Dan Snyder has recruited Bank of America to identify a buyer and facilitate a deal. Snyder purchased the team in 1999 when it was still known as the Washington Redskins. After a sexual harassment probe, Snyder has been at odds with the league and even some other owners.
In the statement, the team said:
“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.”
The reports said that Snyder, who owns the team outright, is considering either selling it all or just a minority stake. A source with knowledge of the procedure, Snyder has fielded at least requests from prospective buyers.
It was estimated that the Commanders’ value is at $5.6 billion, noting that the Snyders are the owners of FedEx Field and its surrounding 264 acres as well as a 150-acre property in Ashburn, Virginia. Washington was ranked as the eighth-most valuable franchise in the league by Sportico earlier this year, with a $4.78 billion valuation, while the Dallas Cowboys were ranked first with a $7.64 billion valuation.
For $800 million in 1999, Snyder acquired the team’s majority stake. The next year, he consolidated full ownership. The Boston Braves were the original name of the team when it was created in 1932, but five years after moving to Washington, the name was changed to Washington Redskins. Under criticism from activists, the team dropped the name in 2020 and went as The Washington Football Team for the following two years. It unveiled its present name this season. The 1983, 1988, and 1992 Super Bowls were won by the team.
In indoor advertising and marketing, Snyder, 57, made his fortune out of it, however, his time as an NFL owner has been turbulent, with a losing record and only a few appearances in the playoffs.
Additionally, a report by the Washington Post in 2021 alleging rampant sexual harassment, uncovered incidents of harassment, bullying, and intimidation throughout the organization that prompted an investigation into the team’s workplace culture. Snyder was forced to relinquish his role in running the team’s day-to-day operations, while the team was fined $10 million by the league.
Sources: Dailywire, Thehill, Washingtonpost