Dan Snyder has retained BofA Securities to sell the Washington Commanders, sources tell Forbes.
According to a person familiar with the process, Snyder already has at least four calls from groups interested in buying the team. Snyder and his bankers are exploring all options, and a transaction could be for the entire NFL team or a minority stake.
Neither the Commanders nor Bank of America, which has handled such notable team sales as the purchase of the Los Angeles Clippers by Steve Ballmer in 2014, would comment.
In March 2021, Snyder and his family got 100% control of the Commanders when he bought out his minority partners. It was a savvy move by Snyder as the values of NFL teams have gone nowhere but up.
In the latest deal for a team, Rob Walton, the retail heir, purchased the Denver Broncos for $4.65 billion in early August. Later that month, Forbes valued the Commanders at $5.6 billion, sixth among the league’s 32 teams. Snyder also owns FedEx Field and the 264 acres around it, as well as 150 acres at the team’s headquarters in Ashburn, Virginia.
As the club has rebranded from the Redskins to the Commanders, revenue has increased sharply. Team sponsorship revenue is surging 40% this season over 2021, and the team landed its richest sponsorship deal ever with SeatGeek.
The Commanders, among the most iconic teams in North America thanks to its long history and geographical location, have had only three owners since joining the National Football League in 1932 as the Boston Braves. The Commanders are also working on finding a location for a new stadium, which could potentially be ready in five or six years.
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