The first round of the bidding process for the sale of all, some, or potentially none of Washington’s commanders closes at the end of this week, according to two sources with knowledge of the situation.
Commanders announced Nov. 2 that Dan and Tanya Snyder had hired Bank of America Securities to “review potential transactions.” While the team hasn’t confirmed if it was for part of the team or the entire franchise, league sources have said for weeks that it’s likely for the entire team.
A spokesperson for the commanders declined a request for comment Monday evening.
League sources estimated the entire franchise would sell for between $5.5 billion and $6.5 billion, far eclipsing the previous NFL record set by the Walton-Penner Group when buying the Denver Broncos. for $4.65 billion. Savvy bidders should also have earmarked an additional $500-900 million to help fund a new stadium that would surely come after a new owner.
At NFL league meetings last week in Texas, commissioner Roger Goodell said he wasn’t sure if Snyder would sell the entire team.
“I have no expectations on that,” Goodell said Wednesday. “Dan’s statement that he released indicated that he was exploring this. And we will continue to work with him on this.”
Mary Jo White, the former chair of the Securities and Exchange Commission, is continuing her investigation of Snyder and the allegations of sexual assault and financial impropriety with the team. The league said there was no timeline for the conclusion of White’s investigations. Snyder denied the allegations of wrongdoing.
The Washington Post reported last week that the investment bank was “continuing the process” for Snyder to consider the offers.
Amazon founder Jeff Bezos has expressed interest in the club and is thinking of partnering with Jay Z, sources say. CBS Sports has already reported interest from Bezos, as well as interest from Mat Ishbia, Joshua Harris and Byron Allen.
The Post reported that other bidders could include Clearlake Capital co-founders Behdad Eghbali and Jose E. Feliciano, as well as Todd L. Boehly.
Bezos has the deepest pockets of any interested bidder, plus a footprint in DC with his ownership of The Washington Post. But that exact ownership could prevent Snyder from selling to Bezos.
Any sale of the team – in whole or in part – would have to be approved by three-quarters of all NFL team owners.
The NFL has recently shown interest in diversifying ownership groups. The Walton-Penner Group is run by Wal Mart heirs and executives who needed no financial help to acquire the Broncos. Still, the group added limited partners, including Condoleezza Rice and Mellody Hobson.
“NFL member clubs support the important goal of increasing diversity among owners,” read a joint statement from all NFL teams in the spring. “As a result, when assessing a potential ownership group of a Member Club in accordance with League policies, Members will consider it a positive and significant factor whether the group includes diverse individuals who would have a stake and involvement significant roles in the club, including acting as majority owner of the club.”