Washington Commanders owner Dan Snyder hires Bank of America to explore ‘potential transactions’
Washington Commanders owner Dan Snyder announced on Wednesday that he has hired Bank of America to explore “potential transactions” of the team amid multiple investigations.
Snyder, who has owned the NFL franchise since 1999, made the announcement in a joint statement along with his wife, co-CEO Tanya Snyder, and the team.
“Dan and Tanya Snyder and the Washington Commanders announced today that they have hired BofA Securities to consider potential transactions,” the announcement said.
“The Snyders remain committed to the team, all of its employees and its countless fans to putting its best product on the field and continuing the work to set the gold standard for workplaces in the NFL.”
Forbes first reported on Wednesday that the Snyders retained Bank of America Securities for the purpose of exploring the sale of a franchise, as a source told the news outlet that Snyder has already fielded four different calls from groups interested.
Forbes noted that the Snyders and his bankers are exploring every option for a transaction that could be for the entire NFL team or a minority stake in the team.
Snyder along with his family recently gained full control of the Commanders franchise last year after buying out his minority partners’ stake in the franchise, Forbes reported.
A Bank of America spokesperson declined to comment for this story.
The team and organization has suffered through a series of controversies under Snyder’s watch, including over claims of sexual harassment by former employees. The House Oversight and Reform Committee has been conducting an investigation of the team.
The Hill has reached out the Washington Commanders and the House Oversight and Reform Committee for comment.
The House panel launched its probe after emails between former team president Bruce Allen and former Las Vegas Raiders head coach Jon Gruden leaked to the public. The emails included racist, misogynistic and homophobic comments.
The NFL, which initially fined Snyder and his team $10 million last year for conducting an “unprofessional workplace, launched its second investigation into Snyder and his organization earlier this year after former team cheerleader and marketing manager Tiffani Johnston accused Snyder of sexually harassing her at a work-related dinner in 2004.
Snyder testified before the House panel in a closed-door deposition in July in accordance with their investigation into the team.
This comes as other league owners have expressed sentiments about removing Snyder if the allegations against him and his team are true. Speaking at the league’s annual fall meeting last month, Indianapolis Colts owner Jim Irsay said he believes there is enough “merit” to remove Snyder from the league’s ranks.
In a statement to The Hill, NFL spokesperson Brian McCarthy said that “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).” McCarthy added that the league’s second investigation into the team, conducted by former Securities and Exchange Commission chairwoman Mary Jo White, is ongoing.
“Today’s news that Dan and Tanya Snyder are exploring selling the Washington Commanders is a good development for the team, its former and current employees, and its many fans,” Lisa Banks and Debra Katz, the attorneys representing the more than 40 former Commanders employees involved in the multiple investigations into the team, said in a statement to The Hill. “We will have to see how this unfolds, but this could obviously be a big step towards healing and closure for the many brave women and men who came forward.”
This story was updated at 3 p.m.