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Daniel and Tanya Snyder, the embattled house owners of the Washington Commanders, mentioned they’d employed bankers to discover doubtlessly promoting the crew they’ve owned since 1999.
In a quick assertion, the Snyders mentioned they’d employed BofA Securities, which handles the gross sales of most of the largest sports activities groups, to “contemplate potential transactions.”
Reached for touch upon whether or not the Snyders would search to promote your complete crew or a minority stake, a Commanders spokesperson mentioned, “We’re exploring all choices.” In 2021, Snyder purchased the 40 p.c of the franchise that he didn’t personal from three restricted companions. He and his household now personal practically all of the shares within the crew.
Any potential transaction would must be introduced to the N.F.L. Finance Committee for evaluation and permitted by 24 of 32 groups, or three-fourths of the league, a spokesman mentioned.
Based on Forbes, the Commanders are price $5.6 billion, making them the sixth most dear crew within the N.F.L.
Snyder has been underneath rising strain from politicians, former staff and even fellow N.F.L. house owners due to the state of his crew, which ranks final in attendance within the league and has been investigated for quite a few allegations of sexual harassment made in opposition to crew executives and Snyder himself.
A former worker additionally accused the crew of monetary malfeasance, a declare that was submitted to the Federal Commerce Fee. On Wednesday, ESPN reported that the U.S. lawyer’s workplace within the Japanese District of Virginia had opened a felony investigation into allegations of monetary improprieties. Inquiries have been beforehand opened by attorneys basic in Virginia and Washington, D.C. and had not concluded.
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The N.F.L.’s second investigation into Snyder and the Commanders, led by the previous federal prosecutor Mary Jo White, started 9 months in the past and continues to be ongoing. “Now we have no replace on a timeline,” the league spokesman mentioned.
In an announcement, the crew mentioned: “The Snyders stay dedicated to the crew, all of its staff and its numerous followers to placing the perfect product on the sector and persevering with to work to set the gold normal for workplaces within the N.F.L.”
At a gathering of the N.F.L. crew house owners final month, the Indianapolis Colts proprietor Jim Irsay mentioned “there may be benefit to take away” Snyder as proprietor of the Commanders. Such a transfer would require help from one other three-fourths majority of N.F.L. house owners. Irsay’s feedback have been vital as a result of beforehand, house owners have solely spoken about their dissatisfaction with Snyder privately.
A number of N.F.L. house owners talking on the situation of anonymity mentioned they have been pissed off not simply by the scandals surrounding the Commanders, however as a result of these scandals have made it tougher for Snyder to succeed in a deal to construct a brand new stadium. These house owners mentioned they hoped Snyder would promote the crew with out different house owners having to vote him out.
This summer time, the Denver Broncos have been bought for a document $4.65 billion to Rob Walton and members of the Walton and Penner households, who based Walmart. The Broncos at the moment are reportedly the twelfth most dear N.F.L. franchise.
The Commanders may fetch at the very least the identical quantity because the Broncos, given the scale of the Washington market and the expansion of the N.F.L.’s income, which incorporates media rights offers price greater than $100 billion over the subsequent decade.
Snyder bought the crew for $800 million in 1999. Final yr, he paid $875 million for the 40 p.c of the crew he didn’t personal. It’s attainable that the Snyders attempt to recoup that cash by reselling the shares he bought.
Lauren Hirsch contributed reporting.
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