Skip to main content

Commanders owners Dan and Tanya Snyder hire Bank of America Securities to explore potentially selling team

Washington Commanders owners Dan and Tanya Snyder said in a statement on Wednesday that they have hired Bank of America Securities to "consider potential transactions," including the potential sale of the franchise.

"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 statement said.

Asked if Dan Snyder is considering a sale of the entire franchise or just a piece, a Commanders spokesperson told NFL Network Insider Ian Rapoport that "we are exploring all options."

Forbes reported on Wednesday that Snyder had retained Bank of America Securities to explore options including selling "the entire NFL team or a minority stake." Forbes also reported that Snyder has had at least four calls from groups who are interested in buying the franchise.

"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)," league spokesperson Brian McCarthy said in a statement on Wednesday.

Snyder and the franchise he's owned since 1999 are currently the subject of separate ongoing investigations by the U.S. House Committee on Oversight and Reform and former U.S. Attorney Mary Jo White, who is conducting a new review on behalf of the NFL, concerning allegations of workplace misconduct and potential unlawful financial conduct.

There remains no timetable for when White will complete her investigation, NFL Network Insider Tom Pelissero reported on Wednesday.

"Mary Jo White is continuing her review," McCarthy said. "We have no update on a timeline."

The separate investigations come on the heels of the league's initial independent investigation by attorney Beth Wilkinson's firm, which found Washington's workplace culture to be toxic. Snyder and the team were fined $10 million, and the league said he turned day-to-day operations over to wife Tanya, but no written report of Wilkinson's findings was released.

The lack of a written report prompted Congress to investigate. Congress also hosted a roundtable in February, during which there was a new allegation of sexual misconduct made against Dan Snyder by a former team employee. Snyder denied the allegation.

Colts owner Jim Irsay told reporters on Oct. 18 at the Fall League Meeting in New York that he believed "there's merit to remove" Snyder as owner. The Commanders responded to Irsay's comments that same day, stating the Snyders had no intentions to sell the team.

"It is highly inappropriate, but not surprising, that Mr. Irsay opted to make statements publicly based on falsehoods in the media," the Commanders said. "It is unfortunate that Mr. Irsay decided to go public with his statement today, while an investigation is in process, and the team has had no opportunity to respond to allegations. The Commanders have made remarkable process over the past two years. We are confident that, when he has an opportunity, to see he 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."

In March 2021, NFL owners approved a $450 million debt waiver for Dan Snyder to allow him to buy out the team's minority owners, which gave him total control of the franchise.

The removal of an owner requires a three-fourths vote from ownership (24 out of 32 votes).

Related Content