Commanders hire Bank of America to explore potential sale of franchise

Commanders hire bank to explore potential sale of franchise originally appeared on NBC Sports Washington

The Washington Commanders have hired Bank of America Securities to explore "potential transactions" with the franchise that could include the sale of the team.

Owners Dan and Tanya Snyder, who have owned the Commanders since 1999, "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," per a team statement.

Bank of America has handled the sale of a sports franchise in the past, most notably the Los Angeles Clippers in 2014 after owner Donald Sterling was banned from the NBA for life and sold the team to former Microsoft CEO Steve Ballmer. However, any sale may not be for the entire franchise.

According to a report released Wednesday morning, Snyder and his bankers are exploring all options for a sale, whether it be a transaction for a minority stake or the team in its entirety.

In 2021, Snyder acquired full control of the Commanders by buying out his minority owners, including Fred Smith, Dwight Schar, and Robert Rothman.

News of the Snyders considering a sale of any kind comes on the heels of further public scrutiny from individuals such as Colts owner Jim Irsay. At the NFL's owner's meetings in October, Irsay said there is "merit" to remove Snyder as owner of the Commanders following an ESPN story detailing claims that Snyder utilized private investigators to gather "dirt" on other owners.

After Irsay made his remarks, the Commanders released a statement criticizing his decision to comment on an ongoing investigation, as well as taking a firm stance regarding their intentions to eventually sell the team.

"We are confident that, when he has an opportunity to see the actual evidence, Mr. Irsay will conclude that there is no reason for the Snyders to consider selling the franchise. And they won't."

Snyder and the Commanders are also under congressional investigation regarding the team's toxic workplace culture developed during Snyder's tenure as owner.