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Report: Commanders Sale Process Progressing; Dan Snyder Expected to Sell Full Stake

Adam WellsDecember 14, 2022

LANDOVER, MD - FEBRUARY 2:  Co-owner Dan Snyder gives remarks as the Washington Football Team announces their new team name the Commanders at a morning event  at FedEx Field on February 2, 2022 in Landover, MD . (Photo by John McDonnell/The Washington Post via Getty Images)
John McDonnell/The Washington Post via Getty Images

Dan Snyder is expected to sell his full stake in the Washington Commanders.

Per Mark Maske, Liz Clarke and Nicki Jhabvala of the Washington Post, Bank of America is moving forward with the sale process of the NFL franchise by getting ready to release the prospectus to qualified potential buyers.

The report noted it's "not certain" that Snyder will sell the entire franchise, but sources believe it's most likely going to be the outcome from this process.

Dan and Tanya Snyder announced Nov. 2 that they retained Bank of America Securities "to consider potential transactions."

The move came as Snyder and the organization were under investigation by the United States House Committee on Oversight for a history of alleged workplace misconduct and sexual harassment.

In the findings from the investigation released Dec. 8, the congressional committee determined the Commanders and NFL covered up decades of sexual misconduct.

The report states that Dan Snyder made attempts to interfere with investigations into allegations of a toxic workplace. He also "permitted and participated in this troubling conduct," including inappropriately touching a former employee at a dinner and trying to "aggressively push" her into his limousine.

Former Commanders video production employee Brad Baker told the committee that team executives "tasked us with producing a video for Snyder of sexually suggestive footage of cheerleaders, obviously unbeknownst to any of the women involved."

Melanie Coburn, a former Commanders cheerleader and marketing employee, said in the report Snyder "ordered the director of the squad to parade the ladies onto the field while he and his friends gawked from his suite through binoculars."

Mike Ozanian of Forbes reported in November at least four groups had called Dan Snyder with interest in buying the NFL franchise.

Amid multiple investigations into Snyder's tenure as owner and long-term questions about his viability in that role, ESPN's Seth Wickersham, Don Van Natta Jr. and Tisha Thompson reported in October that Snyder told at least one close associate he had enough information to "blow up" other team owners, NFL Commissioner Roger Goodell and the league office.

There has been a divide, at least publicly, among two team owners about Snyder. Dallas Cowboys owner Jerry Jones spoke out against the allegations Snyder was being investigated for.

Indianapolis Colts owner Jim Irsay told Maske and Jhabvala there was "merit to consider removal" of Snyder. A vote would require at least 24 owners to approve removing Snyder from his position.

Snyder bought the Washington franchise in 1999 for a then-record price of $800 million. Forbes estimates the Commanders are currently the sixth-most valuable NFL franchise at $5.6 billion.