Could Wednesday (Nov. 2) go down as a symbolic day in Washington Commanders history? It just might after Dan Snyder hired Bank of America Securities to explore potential transactions, including the sale of the team.
It’s currently unclear whether Snyder is considering a full sale or a minority stake, but the fact Snyder is “exploring all options,” per a Commanders spokesperson, suggests he’d give up full control if the right offer presented itself.
The timing is also suspicious. Hours after Forbes’ bombshell, ESPN reported the U.S. attorney’s office in the Eastern District of Virginia is investigating the allegations that Washington and Snyder engaged in financial improprieties.
The Commanders and Snyder were already subjects of two NFL investigations following allegations of sexual harassment of former employees and workplace misconduct and withholding ticket revenue from other owners.
Snyder appears to be backed into a corner, and it doesn’t help Jim Irsay, an influential voice amongst league owners, wants him to sell.
While Snyder’s intentions remain a mystery, folks should probably know how much the Commanders would be worth if the owner sells.
How much are the Washington Commanders worth if Dan Snyder sells the team?
According to Forbes, the Commanders are valued at $5.6 billion. If you remember, the Denver Broncos sold for $4.65 million over the summer. That broke the record for most expensive sale of a team in NFL history and was more than double the $2.275 million David Tepper paid to purchase the Panthers in 2018.
Odds are the Commanders go for more than $5.6 billion.
It’s largely been forgotten during Snyder’s ownership and the team’s lack of on-field success, but the Commanders occupy a top market. Before Snyder purchased the franchise in 1999, Washington was a top-tier money-spinner.
Remember, the FedEx Field lease runs through the 2027 season, so a potential new owner would have to consider the construction of a new stadium. That’s only going to raise the Commanders’ price tag. What could that price be? According to MMBQ’s Albert Breer, the number could climb as high as $7 billion.
"The baseline for the Commanders would be $5 billion, with a good chance the number would climb over $6 billion. And it could go as high as $7 billion. One team executive compared the Commanders to where legacy Premier League soccer teams were 20 years ago in the U.K.—when international bidders came in to buy franchises they’d ID’d as undervalued, distressed assets—with the one drawback being that whoever the next owner is would have to make a second significant investment to get a new stadium built."
Given the ongoing investigations and seemingly growing discontent among owners (thanks Irsay), it’s very possible Snyder considers a full sale. History suggest that process could take as long a 10 months, but that timeline could get facilitated if it’s a full sale and owners want Snyder out as much as they seem to.
Nevertheless, the bottom line is the Commanders could go from anywhere between $5-7 billion if Snyder sells.
Come on, Snyder. You’ve made it this far. No sense backing out now.