Don’t light those cigars yet, Commanders fans.
It’s rare that owners are on the hot seat, but given Jim Irsay’s recent comments and the common tumult surrounding the Washington Commanders franchise, Dan Snyder’s may be getting just a little bit warm.
While owners passed on the opportunity to remove Snyder from Washington ownership in October, a slight bit of news on Nov. 2 may be a sign of what’s to come. (Or, maybe there are no signs at all.)
MORE: Dan Snyder and Washington — A full timeline of controversies and more
Snyder has hired Bank of America to pursue “potential transactions” per a team release, which could mean a number of things. What’s unclear is if Snyder is openly selling the team, or simply exploring possibilities. Given Snyder’s stubbornness, one seems more likely than the other.
Here’s what to know:
Is Dan Snyder selling the Commanders?
There’s no one clear answer one way or the other, but selling the team may be an option, according to a team spokesman.
On Wednesday, the Snyders released a statement confirmed that they hired a bank to pursue “potential transactions.” It’s unclear what those might be.
From the #Commanders: pic.twitter.com/wdjQSV5bTy
— Tom Pelissero (@TomPelissero) November 2, 2022
Speculatively, those “potential transactions” could mean a number of things: The team could be looking to sell a minority stake in the franchise, they could be looking for a cash influx, or they may sell the team. For now, there’s no clear direction any one way or another.
Front Office Sport reports that Amazon head Jeff Bezos may be interested in a majority stake of the team.
According to NFL Network’s Ian Rapoport, a sale of the franchise could be on the table, as the team is currently “exploring all options.”
Is owner Dan Snyder considering a sale of the entire franchise or just a piece?
“We are exploring all options.” — A #Commanders spokesperson to me.
— Ian Rapoport (@RapSheet) November 2, 2022
Snyder has been looking for a new stadium with the Commanders for some time, but roadblocks — some imposed by himself — have prevented that from happening. Perhaps a new minority owner would help facilitate that.
One thing is certain: Snyder seems to be losing the backing of his fellow owners due to his scandal-filled run as owner. During the NFL’s fall meetings, Colts owner Jim Irsay made it known that he felt that Snyder should be removed from ownership to “protect the game.“
This comes on the heels of a report suggesting Snyder had other owners investigated to try and dig up “dirt” to keep them at bay in case a vote to remove him ever hit the floor.
Snyder has long been loathed by the Commanders fanbase. Recently, during a home game against the Packers, Tanya Snyder was greeted by boos and “sell the team” chants when she was shown on the video board. Fans also had ‘Sell the Team’ signs and paper bags on their heads, which were removed by security. Displeasure with Snyder isn’t anything new. In 2014, then Redskins fans held a wake for the team at a local bar during a game vs. the Eagles and sold ‘Impeach Snyder’ shots.
How much are the Commanders worth and what could it sell for?
According to Forbes’ annual NFL valuation, the Commanders hold an estimated value of $5.6 billion and have an operating income of $130.3 million. That figure makes them the sixth highest-valued franchise.
Forbes writes that it “figures for revenue and operating income (earnings before interest, taxes, depreciation and amortization) and net of stadium debt service. Team values are enterprise values (equity plus net debt) and include the economics (including non-NFL revenue that accrues to the team’s owner) of the team’s stadium but not the value of the stadium real estate itself. Sources include team executives, sports bankers and league consultants, public documents such as stadium lease agreements and credit rating reports, and sponsorship and broadcasting industry executives.”
In June, the Denver Broncos entered a sale agreement with the Walton-Penner family ownership group for $4.65 billion, which is close to $1 billion more than Forbes’ 2021 valuation of the franchise.
There’s no telling how much billionaires like Jeff Bezos or others may be willing to overpay for an NFL team, but the Broncos sale could shed some light on the process.
