Dan Snyder hires Bank of America Securities for potential sale of Commanders

Dan Snyder hires Bank of America Securities for potential sale of Commanders originally appeared on NBC Sports Bayarea

Dan and Tanya Snyder announced on Wednesday that they and the Washington Commanders have hired Bank of America Securities to help with “potential transactions.”

Forbes first reported the news and said that Snyder and his bankers are considering options for the Commanders. Those scenarios include selling the franchise in its entirety or a minority stake.

The Snyders said in the statement that they “remain committed to the team.”

Dan Snyder purchased the Washington NFL team in May 1999 for $750 million.

Forbes estimates that the franchise is now worth $5.6 billion. By comparison, the Denver Broncos’ new ownership group paid $4.65 billion in August to take over.

Snyder is being investigated by the House Oversight Committee over allegations of sexual harassment, financial impropriety and other workplace violations. Mary Jo White, a former U.S. attorney for the Southern District of New York and a former U.S. Securities and Exchange Commission chairwoman, was also hired by the NFL to investigate Snyder.

In October, an ESPN report came out saying that Snyder claimed “dirt” on other NFL owners, along with league commissioner Roger Goodell. Indianapolis Colts owner Jim Irsay said at a league meeting that there is “merit to removing” Snyder from his position in Washington, though that would require 24 of 31 of the other owners to vote him out.

Despite the mounting pressure, Snyder is not being forced to sell the team, a person familiar with the matter told CNBC.