Washington Commanders owner Dan Snyder has hired Bank of America to help facilitate a potential sale of the NFL team, the team said Wednesday.
“Dan and Tanya Snyder and the Washington Commanders announced today that they have hired BofA Securities to consider potential transactions,” the Commanders said in a statement
Facing growing pressure to remove him as an NFL owner Snyder and the Commanders are currently being investigated by both the House Oversight Committee and the NFL for sexual harassment and financial misconduct.
A deal for the Commanders (formerly known as Redskins) could value the team as much as $7 billion. Forbes valued the team at $5.6 billion, making the franchise the sixth most valuable in the NFL.
Any deal would have to go through its finance committee, and would require the approval of 24 of the NFL’s 32 teams, the NFL said.
The NFL’s probe is being led by former Securities and Exchange Chair Mary Jo White.
Last month Indianapolis Colts owner Jim Irsay said at NFL owners’ meeting that there was “merit to remove” Snyder as owner of the Commanders.
After Irsay’s comments, the Commanders released a statement saying Snyder wouldn’t sell the team.
Snyder has owned the Washington NFL team since 1999. In the last 23 seasons, the team made the playoffs six times.
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