Snyders hire Bank of America Securities to explore Commanders sale

The Washington Commanders issued a statement on Wednesday saying that owners Dan and Tanya Snyder have hired Bank of America Securities to evaluate “potential transactions” related to the franchise.

“Dan and Tanya Snyder and the Washington Governors announced today that they have engaged BofA Securities to consider potential transactions,” the team said in a statement.

“The Snyders remain committed to the team, all of their employees and countless fans to put the best product on the field and continue to work to set the gold standard for workplaces in the NFL.”

It was not clear from the team’s statement whether the Snyders are exploring selling their share of the franchise or whether they are looking to sell a minority stake.

However, a team spokesperson told ESPN’s Adam Schefter that all options are being considered.

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“We are exploring all options,” the spokesman said.

Congress continues to investigate Dan Snyder for the workplace culture created during his tenure. The NFL, led by attorney Mary Jo White, is also investigating Snyder for a second time, stemming from an allegation of sexual misconduct. The organization was fined $10 million as a result of the first investigation.

There are also ongoing investigations by the attorneys general in Washington, DC and Virginia into the financial fitness of the organization, which the team has denied.

Last month at the NFL’s fall meetings in New York, Indianapolis Colts owner Jim Irsay became the first NFL owner to publicly ask the league to seriously consider removing Snyder from ownership of the NFL.

“I believe there is value in removing him as the owner of the [Commanders],” Irsay said from the lobby of the Conrad New York Downtown hotel. “It’s being considered that he should be fired.”

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The league requires 24 of 32 owners to approve such a vote, which has never been done at the NFL level.

A spokesman for the Chiefs called Irsay’s comments “inappropriate” and said the results of the current investigations will cause Irsay to see Snyder in a better light. The team’s statement said there is “no reason why the Snyders would consider selling the franchise. And they won’t.”

Commissioner Roger Goodell told reporters at the fall meeting that he had “little to no discussion” with ownership about the Snyder issue, largely because the White investigation is not complete.

A recent ESPN investigation detailed the matter as it painted Snyder’s cunning plans against his co-owners and Goodell, using private investigators to get “dirt” from his past.

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Snyder sent a letter to NFL co-owners addressing ESPN’s investigation and denying its alleged use of private investigators.

“That is patently false and is intended to erode the trust and goodwill between owners that I take seriously,” he told his colleagues according to the letter, obtained by ESPN and dated October 17. “I have not hired any private investigator. to look into any owner or the Commissioner. I have not instructed or authorized my attorneys to hire any private investigator on my behalf for any such purpose. And I never would.”

Snyder bought the franchise for $800 million in 1999. The franchise is now worth $5.6 billion, according to Forbes.


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