Commanders owners Dan and Tanya Snyder hire Bank of America Securities to find a potential sales team

Washington Commanders owners Dan and Tanya Snyder said in a statement Wednesday that they have engaged Bank of America Securities to “review potential transactions,” including the possible sale of the franchise.

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

When asked if Dan Snyder was considering selling the entire franchise or just a portion, a Commanders spokesman said said NFL Network insider Ian Rapoport that “we are reviewing all options.”

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

“Any potential transaction would need to be submitted to the NFL Finance Committee for consideration and would require approval by three-quarters of the full membership (24 of 32 teams),” league spokesman Brian McCarthy said in a statement Wednesday.

Snyder and the franchise he has owned since 1999 are currently the subject of separate ongoing investigations by the US House of Representatives Committee on Oversight and Reform and former US Attorney Mary Jo White, who are conducting a new review on behalf of the NFL into allegations of misconduct workplace and potentially unlawful financial conduct.

There is no timeline as to when White will complete her investigation, NFL network insider Tom Pelissero reported On Wednesday.

“Mary Jo White is continuing her review,” McCarthy said. “We don’t have an update on a timeline.”

The separate investigations follow the league’s first independent investigation by attorney Beth Wilkinson’s firm, which found Washington’s work culture to be toxic. Snyder and the team were fined $10 million and the league said he handed day-to-day operations to wife Tanya, but no written account of Wilkinson’s findings was released.

The lack of a written report prompted Congress to investigate. Congress also hosted a roundtable in February where a former team member made a new allegation of sexual misconduct against Dan Snyder. Snyder denied the allegation.

Colts owner Jim Irsay told reporters Oct. 18 at the Fall League meeting in New York that he believed “there was merit in removing Snyder as the owner.” The commanders responded to Irsay’s comments later that day, stating the Snyders had no intention of selling the team.

“It is highly inappropriate but not surprising that Mr Irsay has chosen to make public statements based on falsehoods in the media,” the commanders said. “It is unfortunate that Mr Irsay has decided to make his statement public today while an investigation is ongoing and the team has not had an opportunity to respond to the allegations. The commanders have made a remarkable process in the last two years. We are confident that if Mr. Irsay has the opportunity to see the actual evidence in this case, he 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 relief for Dan Snyder so he could buy out the team’s minority owners, giving him complete control of the franchise.

Removal of an owner requires a three-quarters vote by the owner (24 votes out of 32).


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