Washington Commanders, Dan Snyder hire Bank of America to consider selling team
WASHINGTON - The Washington Commanders have confirmed that Dan and Tanya Snyder and the organization have hired representation to consider possibly selling the team.
The Commanders released the following statement Wednesday:
"Dan and Tanya Snyder and the Washington Commanders announced today that they have hired BofA Securities to consider potential transactions. The Snyders remain committed to the team, all of its employees and its countless fans to putting the best product on the field and continuing the work to set the gold standard for workplaces in the NFL."
Following the news, NFL spokesperson Brian McCarthy, said that a possible sale of the team would need approval from the league. In a statement, McCarthy said "any potential transaction would have to be presented to the NFL Finance Committee for review and require an affirmative vote by three quarters of the full membership (24 of 32 teams)."
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Lisa Banks and Debra Katz, attorneys who represent over 40 former employees of Washington's Football Team who have made claims of sexual misconduct against the team and Snyder, released the following statement after the news of the Snyder family exploring selling the team:
"Today’s news that Dan and Tanya Snyder are exploring selling the Washington Commanders is a good development for the team, its former and current employees, and its many fans. We will have to see how this unfolds, but this could obviously be a big step towards healing and closure for the many brave women and men who came forward."
The reports that Dan Snyder is moving toward selling the franchise come after months of controversy surrounding Snyder and his ownership of the team, including the above-mentioned allegations of sexual and workplace misconduct.
Back in August 2020, the organization announced that they would be looking deeper into allegations of workplace problems within Washington Football.
Team owner Daniel Snyder initially hired Beth Wilkinson of District of Columbia law firm Wilkinson Walsh LLP to review the allegations of misconduct and the workplace culture. Just before the 2020 season began, the league assumed oversight of her work.
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In October 2021, the House Oversight Committee sent a letter requesting all documents related to an investigation into allegations of sexual harassment, abuse, and other workplace misconduct from top executives at the team. In July 2021, the team was fined $10 million after the investigation revealed serious misconduct and a "hostile" workplace culture.
In February 2022, the Committee learned more about the allegations against the team from former employees, after holding a roundtable where employees widespread sexual harassment, abuse, and other workplace misconduct by top executives, including team owner Daniel Snyder, and explained that the League failed to address these issues.
Following the roundtable, the NFL hired former Securities and Exchange Commission chair Mary Jo White to investigate an allegation that Washington Commanders owner Dan Snyder sexually harassed a team employee more than a decade ago. According to NFL spokesperson Brian McCarthy, Mary Jo White's review of the allegations is currently ongoing.
The Committee then told the FTC in April that it had found evidence of deceptive business practices over the span of more than a decade, including withholding ticket revenue from visiting teams and refundable deposits from fans.
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Snyder has denied the sexual assault allegations and the team has denied any financial wrongdoing.
In October 2022, ESPN reported, citing anonymous sources, Snyder has hired private investigators and told people he has enough information to expose fellow owners and Goodell.
The Commanders denied the contents of the report, calling it "categorically untrue" and "clearly part of a well-funded, two-year campaign to coerce the sale of the team, which will continue to be unsuccessful."
Snyder addressed the report in a letter to owners.
"That is patently false and intended to erode the trust and goodwill between owners that I take quite seriously," he wrote.
He and the organization are currently the subject of ongoing investigations by the U.S. House Committee on Oversight and Reform.
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Snyder bought Washington's football team in May 1999 for $800 million becoming the youngest-ever person to buy an NFL franchise.
The Associated Press contributed to this report.