“Dan and Tanya Snyder and Washington Commanders announced today that they have hired BofA Securities to review a potential transaction,” Commanders said in a statement. “The Snyders remain committed to bringing the best product to the field for the team, all of its employees and countless fans to continue the work that sets his standard for the NFL workplace gold. .”
After acquiring Minority Partners in March 2021, Snyder and his family own the entire franchise. Daniel Snyder led a group of investors who bought the team and its stadium from Jack Kent’s Cook estate in 1999 for his $800 million. Forbes said in August that he estimated the Commander’s worth at $5.6 billion. Daniel Snyder was recently interested in selling a minority stake in the team, but it wasn’t clear if that was his intention, according to people familiar with the NFL’s franchise deals. Two other people familiar with how it works said they weren’t sure what Snyder was trying to do.
A spokeswoman for the commandant said: “We are considering all options.
Given the rapidly increasing value of franchises, the pool of minority buyers for any NFL team is small. Based on a $5.6 billion valuation, his 40% stake in Commander would cost him $2.24 billion. Minority shares are usually discounted by about 20% as they do not influence team decisions. Even with his 20% discount, $1.79 billion is a steep price to pay a minority stake in an asset that the buyer has no control over.
Additionally, league spokesman Brian McCarthy said in a statement Wednesday that any potential deal would require the approval of three-quarters of the other team owners. The tough vote comes at a time when Snyder faces intense scrutiny under investigation by the NFL, the House Oversight and Reform Committee, DC and the Attorneys General of Virginia.
The NFL declined to comment further on future deals.
Indianapolis Colts owner Jim Irsay has said in recent weeks that he and fellow NFL team owners should seriously consider voting to remove Snyder from ownership of the Commanders. rice field.
“I think we’ll have more discussions on that,” Irsay told reporters at an owners’ conference in New York last month. “It’s a difficult situation. [Commanders]I think it’s a point that you have to review. We must look to all the evidence. But I think it’s something that should be seriously considered. “
A spokesperson for the commander issued the following statement that day: Unfortunately, Mr. Irsay decided to release his statement today while the investigation was ongoing and the team did not have the opportunity to formally respond to the allegations. We have made remarkable progress over the years. Given the chance to see the actual evidence in this case, Irsay would conclude that there is no reason for Snyders to consider selling the franchise.
Irsay elaborated on his comments in a telephone interview on Friday. But what has already come out is very disturbing and I disagree with the process. Like I said, it’s not what we’re saying we should do. I am saying that we need to seriously consider it. “
A vote of at least three-fourths of the owners is required to remove Snyder from ownership. Multiple owners said in September that they could seriously consider banishing Snyder from the league’s ownership ranks, either by convincing him to sell the franchise or by voting to fire him. told the Post.
“He needs to sell,” one of those owners said at the time. “Some of us need to go to him and tell him we need to sell.”
It wasn’t immediately clear Wednesday whether the owner had prompted Snyder to sell.
“I think there will be a move,” the same owner said in Sept. “We need to get 24 votes.”
The NFL’s current investigation is being conducted by attorney Mary Jo White.
“Mary Jo White continues her review,” McCarthy said Wednesday. “No updates on the timeline.”
The league launched an investigation into White after the team’s former cheerleader and marketing manager, Tiffany Johnston, told a congressional roundtable in February that Snyder had harassed her at a team dinner. Snyder denied her accusations, which she called “blatant lies.”
In June, The Post reported details of an employee’s allegation that Snyder sexually assaulted her during a flight on a private jet in April 2009. In a 2020 court filing, Snyder called the women’s claims “without merit.”
In April, a House committee detailed allegations of financial misconduct by Snyder and the team in a letter to the Federal Trade Commission. One Jason S. Miyares announced that he would investigate. The team denies committing financial wrongdoing.
Racine’s office has nearly completed its investigation and plans to take further action in the case, a person familiar with the investigation said last month.
“Today’s news that Dan and Tanya Snyder are considering selling the Washington Commanders is a positive development for the team, former and current employees and many fans,” said more than 40 former team employees. Attorneys representing the members, Lisa Banks and Debra Katz, said in a statement Wednesday. “We’ll have to wait and see how this plays out, but clearly this could be a huge step towards healing and closure for the many brave women and men who have stepped forward.”
The NFL has not said when the White investigation will be completed. The league says White’s report will be made public, unlike previous investigations into the team’s workplace conducted by attorney Beth Wilkinson.
A House committee is expected to release its findings in the coming weeks. Daniel Snyder took part in affidavits with the committee remotely for more than 10 hours in July. Former team president Bruce Allen conducted a remote deposition for about 10 hours under a subpoena in September.
In March, Snyder acquired three limited partners, Dwight Sher, Fred Smith, and Robert Rothman, who jointly owned about 40% of the franchise, for $875 million. A fellow owner had to give him a waiver to assume an additional $450 million in debt that must be paid off by 2028.
The Post reported in November 2020 that Snyder’s Limited Partners received a $900 million offer from Clearlake Capital billionaire co-founders Behdad Egbari and Jose Feliciano, as well as Feliciano’s wife, Kwanza Jones. Reported. People familiar with the matter said at the time that the sale was blocked because Snyder was trying to exercise priority by matching offers to Smith and Rothman and not to Shah. As a result, controversy arose as to whether Snyder had the right to selectively exercise such rights.
Egbari and Feliciano were reportedly among the bidders for the Denver Broncos, which was sold in June by the Pat Bowlen Trust to a group led by Walmart heir Rob Walton for $4.65 million. This is the highest amount ever for an NFL franchise. The owner approved the Walton purchase in August.
Wednesday’s team announcement also includes negotiations for public funding for a potential new stadium for the stalled commanders. said in June that the attempt had been called off. State Senate Majority Leader Richard L. Suslow, Democrat-Fairfax, said: “
Prior to Wednesday, the commander had said Snyder would not sell the team. And they don’t.
In July 2021, the NFL announced that it would fine the team $10 million based on Wilkinson’s investigation and that Tanya Snyder would oversee the franchise’s day-to-day operations for an unspecified period of time.
