Washington Commanders owner Daniel Snyder has reportedly hired Bank of America Securities to facilitate a sale of the team, according to an official statement made by the team.
The statement is the first indication that Snyder is willing to listen to offers from the Commanders.
When asked if Snyder was considering selling part or all of the team, a spokesperson said:
“We are exploring all options.”
Despite multiple investigations into misconduct and mounting pressure, Snyder had previously said that he will not sell the team that he grew up rooting for as a child.
According to Forbes, the Washington football franchise is worth an estimated $5.6 million, which would make it the biggest sale ever for an American sports team.
Commanders Sale Set To Break Record For North American Sports Franchise
If the Snyders decide to sell the team, it will likely come as a result of another record-breaking deal.
One NFL owner made a prediction on the sale price:
“It’ll start with a 5, a 6, or a 7.”
In July, the Walton-Penner Group bought the Denver Broncos for $4.65 billion. At the time, the deal marked the highest sale price ever for an American sports franchise.
For reference, the Broncos sported a $3.75 billion valuation at the time, meaning the new ownership group paid a 24% premium to complete the deal. With the Commanders valued at $5.6 billion, a similar 24% premium would put the sale price of the Washington franchise in the ballpark of $6.9 billion.
Not bad for a franchise that has made the playoff just four times since 2000.
Snyder Set To Earn 600% Return On Investment On Commanders’ Sale
Snyder bought the Washington Redskins, along with the stadium, back in 1999 in what was a record-breaking $800 million deal at the time.
Even if Snyder sells the team for its estimated worth of $5.6 billion, he will bring home a cool 600 percent return on his original investment.
That number could balloon as high as 762 percent if the Commanders are sold for $6.9 billion.
No matter the cost, it appears that Snyder will get even richer with the sale, even amid several controversies about his conduct within the organization.
Featured Image: Geoff Burke/USA TODAY Sports