Dan Snyder

Dan Snyder Roundup: Indemnification, Financial Impropriety, Potential Sale

March 4th, 2023 at 8:55pm CST by Adam La Rose

The past few days have seen a number of reports emerge with respect to Commanders owner Dan Snyder which add further to the disdain felt towards him and the uncertainty that he will sell the team. With league meetings approaching later this month, pressure is likely to increase from other owners to distance himself from the league.

In the event that takes place, however, a number of legal actions could be soon to follow. A report from Mark Maske, Nicki Jhabvala and Liz Clarke of the Washington Post claims that Snyder is seeking protection against future liability and costs if he ultimately decides to sell the team. That demand for indemnity is a noteworthy one, as it comes against a backdrop of his fellow owners seeking to have him either sell the team or face the possibility of an unprecedented vote to remove him taking place.

The Post’s report notes, to little surprise, that Snyder’s indemnification request has not sat well with the other owners. In the event it is not granted, however, Snyder has threatened to sue them and the league in the event he is forced out. In addition, Snyder is reportedly seeking to keep the results of the ongoing Mary Jo White investigation into the team’s workplace culture and allegations of financial impropriety from going public. The NFL has stated that a written report on that front will be released, and Snyder’s demands to the contrary are similarly not likely to be met with sympathy from around the league. For their part, the Commanders have issued a statement which says the above claims are “simply untrue.”

Here is a roundup of some other Snyder-related notes, as this ongoing storyline continues to take shape:

In a follow-up to the aforementioned Post article, Clark, Maske and Jhabvala detail that league sources believe a vote forcing Snyder out would hold up against a hypothetical legal challenge. The preference amongst owners, however, remains that Jerry Jones (long thought to be Snyder’s closest ally, though their relationship seems to have worsened recently) helps convince Snyder to take the less challenging path of selling the franchise. On the point of indemnity, the expectation exists that it will be flatly rejected, given the myriad issues which have dogged Snyder over the course of his 24-year tenure as owner.
In a lengthy piece examining the financial aspects of the controversy surrounding the Commanders, ESPN’s Don Van Natta writes that a $55MM loan obtained in 2019 marked a key turning point in Snyder’s buyout of the team’s three minority owners. The latter group claimed they were not made aware of the loan being requested and obtained (a clear violation of the club’s shareholder agreement), and aired the grievance during a mediation session including NFL commissioner Roger Goodell. Van Natta notes that no league action was taken to investigate the matter, which ended in the minority partners’ stake in the franchise being sold. This episode, they claim, represents one of several examples of Snyder using the team “as a personal piggy bank.”
Other issues of financial impropriety are at the heart of an ongoing probe from the U.S. Attorney’s Office of Eastern Virginia. As reported by A.J. Perez of Front Office Sports, that process now includes at least one subpoena being issued. The Commanders, who by their own admission have remained cooperative in the investigation, have previously been forced to pay a $250K penalty and refund season-ticket holders after deposits were found to have been withheld improperly. Van Natta’s ESPN’s piece adds that a criminal probe is underway, and is being led by FBI and IRS agents investigating what one source described as “jail time type of fraud” on Snyder’s part.
As was the case in October, owners are set to once again discuss Snyder and the Commanders situation in the coming league meetings, writes Rob Maaddi and Stephen Whyno of the Associated Press. It was during the fall summit that Colts owner Jim Irsay publicly spoke out about the potential Snyder is forced to sell. Such action would become possible if at least 24 of the 31 other owners voted in favor of ousting Snyder, though questions have persisted throughout this saga whether the required majority exists to follow through on that.
On the point of a potential sale, Albert Breer of Sports Illustrated reports that $7B remains the “magic number” which Snyder is seeking. The latest on the bidding process has suggested that $6B could be closer to the sales price, which could cloud Snyder’s intentions of selling all or part of his share even further. The top name linked to buying the franchise, Jeff Bezos, has reportedly been blocked from taking part in the Commanders bidding process to date. Breer notes that the Amazon founder may very well prefer to buy the Seahawks should they hit the market, something which is not expected in at least the near future. While Bezos’ interest (or lack thereof) in buying the Commanders remains a storyline worth watching, further developments could be coming soon regarding Snyder’s future vis-à-vis the league’s other owners.

Latest On Potential Commanders Sale

February 26th, 2023 at 11:00am CST by Adam La Rose

Previous reports indicated that a resolution would be coming soon in the ongoing sales process concerning the Commanders. Further developments have recently taken place, though they may not point to a sale being as likely as once believed.

Amazon CEO Jeff Bezos – who has long been considered the top name to watch amongst bidders for the Washington franchise – has been barred from taking part in the bidding process, as first reported by Josh Kosman of the New York Post. That news comes in spite of Bezos’ stated interest in being a candidate to buy the Commanders, as evidenced by his decision to hire an investment firm just days ago.

Adding further clarity to the Bezos matter, Ben Standig and Daniel Kaplan of The Athletic report that the mogul’s inability to place a bid “has been a reality for months.” Tense relations between current Commanders owner Dan Snyder and Bezos, who owns the Washington Post, have been frequently mentioned as a potential obstacle to the latter becoming involved in the bidding process. The timing of reports that he has never truly been a candidate to buy the team are certainly noteworthy in light of his earlier actions, and the Post’s continuing mention of him as someone who could still play a part in a potential sale.

With Bezos presumably out of the running, two apparent finalists remain. One is Josh Harris, who was named as a prospective buyer after he toured the Commanders’ facility recently. The billionaire has an ownership stake in several pro sports teams, and took part in the bidding process for the Broncos last offseason. The identity of his primary competition as now been revealed.

Houston Rockets owner Tilman Fertitta is “involved in the bidding” on the Commanders, per the Washington Post’s Mark Maske and Nicki Jhabvala. That makes him the previously unidentified bidder who was mentioned as the one other than Harris to make a formal visit to the team’s facility with the bidding process close to its first major deadline. That has come and passed, and Maske and Jhavbala report that Fertitta placed a bid of just over $5.5BB; as a result, they add that the 65-year-old is not considered the frontrunner.

That figure falls in line with Standig and Kaplan’s assertion that Snyder’s asking price has come down from $7BB closer to the $6BB mark. The latter amount would still comfortably exceed the $4.65BB price tag on the Broncos from 2022, which itself shattered the North American sports record for franchise sales. The Athletic report adds that underwhelming bids could entice Snyder to simply remain his ownership stake, but also that activity surrounding a potential sale has “ramped up.”

Much is still to be determined in this situation, but Bezos being left out of the bidding process is a major takeaway from this latest set of updates. How much Harris and Fertitta are willing to pay for the embattled franchise will soon become clearer, though, if the previously reported goal of having a deal in place buy the March owner’s meetings holds true.

Jeff Bezos Hires Investment Firm Ahead Of Potential Commanders Bid

February 23rd, 2023 at 3:58pm CST by Adam La Rose

The saga of what remains a hypothetical Commanders sale has taken another noteworthy turn. Amazon founder and CEO Jeff Bezos‘ name has once again come up in the discussion of the ongoing sales process.

Bezos has hired investment firm Allen & Company to “evaluate a possible bid” for the Commanders, as detailed by Mark Maske, Nicki Jhabvala and Liz Clarke of the Washington Post. That firm, based in New York, is the one which was involved in the two most recent NFL franchise sales (the Panthers in 2018 and the Broncos in 2022). Bezos hiring them represents a firm commitment to at least explore the possibility of buying the Washington team, something which he had previously only been speculatively connected to.

Bezos was first mentioned as a likely bidder in November, something which immediately made him a name to watch in any sales process. His edge over other bidders in terms of overall spending power has led to the belief that he would be the favorite in the event embattled owner Dan Snyder went ahead with a sale of the team. The situation could become similar to that in Denver last offseason, when the Rob Walton-led group was seen as the one to beat long before their historic bid was accepted and ratified.

On the other hand, tension between Snyder and Bezos (who owns the Post, the outlet most vocal in critiquing the former amidst his various investigations and scandals) was thought to be a reason why Bezos might not be a legitimate bidder. That sentiment grew when the world’s reported fourth-richest man did not take part in the first formal process related to a potential sale.

More recently, a small number of prospective buyers toured the Commanders’ facility. The one which has been identified to date is Josh Harris, who has an ownership stake in a number of pro sports franchises and was a bidder for the Broncos last year. Bezos was not reported to be among the two finalists remaining in terms of serious contenders for the first formal bidding process, which is expected to take place soon. A relatively late arrival would not come as much of a surprise, given the ability Bezos would have to match or exceed Harris’ or any other potential bidders’ best offers (currently believed to be in the $6BB range).

More developments on this front are expected soon, from a more firm commitment from Snyder one way or another with respect to selling the franchise, to a frontrunner emerging to succeed him. This latest step by Bezos puts him squarely on the radar in terms of potential buyers.

Commanders Notes: Snyder-Jones Relationship, Prospective Bidders, Potential Sale Timeline

February 21st, 2023 at 10:55am CST by Adam La Rose

The matter of a potential Commanders sale has been a talking point for months now, as the view other NFL owners take of Dan Snyder has worsened. That trend has stretched to even affect his Cowboys counterpart, Jerry Jones.

A bombshell report from October indicated that Snyder had dug up dirt on his fellow owners, as a means of providing leverage against a vote forcing him to sell his team. In the wake of that report – which the 58-year-old has denied – it was said that Jones still counted himself amongst Snyder’s supporters. That appears to still be the case, but relations between the two have changed.

“I would say we’ve had to be more formal in our conversations,” Jones said, via USA Today’s Jarrett Bell. “We’re not as cavalier as we might have been. Follow me? Don’t know who’s listening. Who’s what? So, we’ve had to be more formal.”

Jones added that Snyder is “not the most beloved guy around,” and that he wouldn’t be worth “taking a sword” for. That marks a notable stance potentially in favor of a sale, something which would likely go a long way amongst other owners, given Jones’ sway in that particular group and his reputation for supporting Snyder more than most.

Here are some other notes related to the Commanders and their hypothetical sales process:

Josh Harris, owner of the Philadelphia 76ers, New Jersey Devils and English Premier League club Crystal Palace, toured the Commanders’ facility earlier this month, per Ben Standig and Daniel Kaplan of The Athletic (subscription required). He did the same last summer as as prospective buyer of the Broncos, so this action signals his interested in becoming owner of the next NFL team to (potentially) go on the market. Around that same time, another, unnamed candidate toured the facility as well, according to the Washington Post’s Mark Maske, Nicki Jhabvala and Liz Clarke. This past Friday, another potential buyer did the same, Jhabvla tweets.
It was reported in December that an initial bidding process took place, one which notably did not include Amazon CEO Jeff Bezos. Providing clarity on that front, Standig and Kaplan note that that December process actually consisted of “non-binding indications of interest,” which do not require formal bids taking place. That is the next step, though, and is expected to take place soon. Once it happens, however, there may be a distinct lack of competition amongst prospective buyers. Lydia Moynihan of the New York Post reports that only two serious contenders remain in the running (including Harris, and not Bezos); they have each showed a willingness to reach the $6BB mark in a sales price, though liquidity would be an issue on Harris’ and the unnamed other bidder’s part at that value. One of Moynihan’s sources predicts Bezos will be courted late in the process given his significant advantage in terms of total wealth.
Speculation has persisted in terms of when a final decision will be made with respect to a sale being green-lighted, and then finalized. On that point, Fox Sports’ Jay Glazer notes that a deal will ideally be in place by the time the NFL’s owners’ meetings take place in late March (video link). That would allow the other owners to vote on and ratify a sale, as they did in the case of the Broncos last offseason, and presumably bring an end to the saga hanging over the Commanders.

Latest On Jeff Bezos, Potential Commanders Sale

January 30th, 2023 at 8:58am CST by Adam La Rose

The possibility of Dan Snyder selling the Commanders remains a key NFL storyline as the offseason approaches. The sense of an ownership change being on the horizon has grown over the past several months, with it coming out in November that a sale is at least being explored.

One of the names immediately brought up as a candidate to purchase the embattled franchise was Jeff Bezos. The Amazon founder has owned the Washington Post for the past decade, and was reported in 2019 to be on the radar of joining the NFL’s ownership group. It came as little surprise, then, that the 59-year-old was said to be interested in submitting a bid for the Commanders not long after it was known the team could soon be up for sale.

However, the initial bidding process came and went in December, and Bezos was not involved, as detailed by A.J. Perez of Front Office Sports. The reasons for that could be closely linked to another notable takeaway from the first round of bidding: no one reached the $7BB mark Snyder is thought to be seeking from the candidate who would become the team’s controlling owner. With an estimated net worth of over $122BB, Bezos could certainly win out over any number of other contenders if liquidity were to become a sticking point, but another factor is thought to be in play in his situation.

Personal grievances involving Bezos and Snyder have been raised as a potential roadblock to a sale being finalized between the two. Specifically, the way in which the Post has covered the Commanders recently amidst controversies connected to their alleged toxic workplace and investigations into financial improprieties has led to a widespread belief of disdain for Bezos on Snyder’s part. Several outlets have stated that Snyder is not interested in selling to him at any price.

Against that backdrop, Josh Kosman of the New York Post reports that Bezos could be lining up a sale of the Post as a first step towards buying the Commanders. While he cites conflicting information from sources on whether or not such a move could be coming soon, it could be construed by Snyder as a “gesture of goodwill” which may “go a long way” in terms of the latter warming up to the notion of selling to Bezos. In terms of his competition, Liz Clarke, Mark Maske and Nicki Jhabvala of the Washington Post note that the finalists for the Broncos are expected to be “contenders” to buy the Commanders.

Denver’s sale to the Rob Walton group last offseason shattered the North American sports record at a cost of $4.65BB. A deal seeing the Commanders change hands could dwarf that figure, especially if the framework were to be in place for a new stadium deal. The Seahawks were believed to be a target for Bezos at one point, but owner Jody Allen emphatically said in the summer that the NFC West franchise will not be sold any time soon. That will leave Bezos connected to Washington if the sales process moves forward in the near future.

Latest On Commanders Owner Dan Snyder

December 17th, 2022 at 12:49pm CST by Ely Allen

Despite having a bye week, last weekend was a noisy one for the Commanders. On the Thursday leading into the Week 14 slate of NFL games, the Congressional House Oversight Committee released its latest findings into the “toxic work environment” in Washington.

The findings were not only damaging to owner Dan Synder and the team but also implicated the NFL. In summation, the findings confirmed that several employees were victims of a toxic work culture for over two decades. The Committee indicated that Synder “permitted and participated” in the troubling conduct. The most damning part of the report found that Synder and other leadership in the organization perpetuated the toxic culture by ignoring and downplaying sexual misconduct throughout the team’s staff.

Further findings detailed how Snyder interfered with an investigation by attorney Beth Wilkinson. Synder reportedly launched a “shadow investigation” into potential sources to The Washington Post, attempted to silence employees who may implicate him for his misconduct, and tried to obstruct Wilkinson’s access to information. In addition to his intimidation of witnesses and the blocking of document production, Synder failed to appear at a public hearing.

For the league’s part, the Committee found that the NFL knew of the serious interference with Wilkinson’s investigation and did nothing to stop it. The league also reportedly misled the public about its own handling of the Wilkinson investigation while continuing to turn a blind eye and minimize workplace misconduct among other teams across the league, as well.

It appears that much of the focus of the investigation was on detailing just how involved Snyder was in the oversight of the organization. Snyder’s argument was that his hands were clean after he fired former team president Bruce Allen. The reported findings, though, seem to indicate that Snyder was fairly knowledgeable of and complicit in the team’s toxic culture.

Regarding potential action against Snyder by the league, Colts owner Jim Irsay has been perhaps the most vocal of the league’s group of team owners. While Irsay has recognized that there is merit to removing Snyder, he reportedly is not ready to vote Snyder out, according to Schuyler Dixon of AP News. Irsay noted the gravity of the action, questioning if that severity of discipline has ever been practiced in the league’s history before. Before calling for a vote, Irsay urged that he would like to hear out his fellow owners’ opinions, including those of Snyder. It’s not quite clear what has been left unsaid at this point by Snyder, the league, and the Committee, so Irsay’s comments ring as procrastinating, if not insincere. With the sale of the franchise likely on the horizon, it’s far simpler for Irsay and company to wait for Snyder to leave of his own accord, rather than forcing him out with direct action.

In looking at the sale, it’s appearing more and more likely that Snyder will sell his full ownership in the franchise, as opposed to just a minority stake. Some with knowledge of these types of transactions have noted that Snyder will likely have “difficulty finding an investor willing to pay $1BB to $2BB to be his junior business partner,” according to Mark Maske, Liz Clarke, and Nicki Jhabvala of The Washington Post. While NFL commissioner Roger Goodell stated at a press conference that he doesn’t “have any expectations” concerning the sale, Irsay essentially confirmed his sentiment towards conservative action, claiming that, “If the team hypothetically…were sold 100 percent, that would resolve things.”

Whether legal discipline will eventually find Snyder is still up in the air. What is becoming more and more clear, though, is that Snyder’s days in the NFL are numbered. He is likely to sell his ownership in the franchise in the coming months. If he balks and refuses to give up the reins, perhaps Irsay and the league will take more urgency in dealing with the problem of Snyder’s persistent presence.

House Oversight Committee Concludes Investigation Into Dan Snyder, Commanders

December 8th, 2022 at 11:50am CST by Sam Robinson

The House Oversight Committee’s 14-month investigation into Dan Snyder and his franchise has led to multiple other ongoing probes, which have produced the loudest noise about a potential Commanders sale. The Oversight Committee’s investigation is now complete, with a final report surfacing Thursday.

The report accuses Snyder of permitting and participating in a longtime toxic workplace culture and obstructing the Committee’s investigation. In addition to dodging a Committee subpoena this summer, the Commanders owner is accused of making an effort to intimidate and dissuade witnesses from testifying. Snyder, 57, also offered hush money to several former Washington employees during Beth Wilkinson’s NFL investigation last year, according to the Committee.

Thursday’s report also links Snyder and the Commanders to playing the lead role in the fall 2021 email leak that led to Jon Gruden‘s Raiders resignation. Former Washington team president Bruce Allen said Lisa Friel, the league’s special counsel for investigations, indicated the email leak came from Snyder’s franchise and not the NFL, according to the report. Dan Snyder’s wife, Tanya, who had taken over the franchise’s day-to-day operations after Wilkinson’s investigation last summer, said at the October 2021 owners’ meetings neither she nor her husband was behind the leaked emails, per the Washington Post’s Nicki Jhabvala, Mark Maske and Liz Clarke. Gruden has since sued the NFL, which had previously denied being behind the leak. Thursday’s report marked a key development on that front, among others.

Allen also informed the Committee that Snyder had spoken about hiring private investigators to gather intel on Roger Goodell. Reports of Snyder obtaining damaging information on Goodell and other owners started a firestorm at this latest set of owners’ meetings, which featured Jim Irsay championing an unprecedented ouster of an NFL owner and saying 24 votes to remove Snyder might be there. Shortly after Irsay’s comments, the longtime Washington owner denied hiring firms to gather dirt on other owners.

The Committee accused the NFL of assisting Snyder’s franchise in covering up Wilkinson’s report. The league is believed to have initially called for a written report to be released but later reversed course. Last year’s NFL investigation brought a $10MM Snyder fine and a de facto suspension, but Snyder is believed to no longer be under any restrictions regarding his role with the Commanders. No summary of Wilkinson’s findings led to the Oversight Committee probe and another NFL investigation. Mary Jo White’s inquiry is set to come with a report of the findings.

“We saw efforts that we have never seen before, at least I haven’t,” said Rep. Carolyn Maloney, D-New York, the Committee chairwoman (via ESPN.com’s Tisha Thompson). “The NFL knew about it and they took no responsibility. [The NFL was] acting like they were doing something. Then they turn around and fix it so [Wilkinson] can’t talk.”

Accusing Snyder of instilling a “culture of fear,” the Committee concluded sexual harassment, bullying, “and other toxic conduct pervaded the Commanders workplace.” Included are a number of former employees’ accounts, with the Committee indicating this run of inappropriate conduct occurred for “more than two decades.” More than 100 former team employees spoke about various aspects of this culture to the Committee. Snyder has owned the team since 1999.

The previously reported shadow investigations Snyder was accused of conducting of former employees during the Wilkinson inquiry surface again here. Snyder sent private investigators to homes of former employees, including Allen. The report also includes accounts from former cheerleaders and a video staffer, the latter saying Washington execs commissioned him to produce a video for the owner featuring “sexually suggestive footage of [the team’s] cheerleaders.”

A statement from Commanders counsel John Brownlee and Stuart Nash (via Jhabvala, on Twitter) accuses the Committee of taking a “one-sided approach” and produced a conclusion that “does not advance public knowledge of the Washington Commanders workplace in any way.” The NFL’s latest investigation into Snyder and the Commanders, centered around workplace toxicity and financial improprieties, is ongoing. As are the other investigations the Oversight Committee’s probe launched. A number of prospective bidders for the Commanders have surfaced over the past several weeks.

D.C. Attorney General Sues Dan Snyder, Commanders, NFL

November 10th, 2022 at 12:30pm CST by Sam Robinson

Still amid multiple investigations, the Commanders are now being sued. The office of D.C. Attorney General Karl Racine announced Thursday it has filed a lawsuit against Dan Snyder, the Commanders, the NFL and Roger Goodell (Twitter link).

This is a consumer protection lawsuit, according to Mark Maske and Nicki Jhabvala of the Washington Post, accusing Snyder and his franchise of, in pursuit of revenue, “colluding to deceive and mislead customers” about the investigation into the team’s workplace culture.

Snyder and his franchise remain the subject of three investigations — from the House Oversight Committee, the NFL and the office of Virginia’s attorney general. Racine’s lawsuit will also seek to have the findings of the NFL’s previous investigation — a Beth Wilkinson-run probe that, at the league’s request, did not produce a written report — public, according to the Washington Post.

“Faced with public outrage over detailed and widespread allegations of sexual misconduct and a persistently hostile work environment at the Team, Defendants made a series of public statements to convince District consumers that this dysfunctional and misogynistic conduct was limited and that they were fully cooperating with an independent investigation,” the lawsuit reads. “These statements were false and calculated to mislead consumers so they would continue to support the Team financially without thinking that they were supporting such misconduct.”

Racine’s term in office ends Jan. 2, but he believes the case will move forward. His office plans to issue subpoenas, per Jhabvala (Twitter links). Subpoenas emerged in the Oversight Committee’s investigation, but Snyder evaded testimony for weeks. Eventually, the embattled owner did testify but did so remotely and without being under oath. Those circumstances allowed Snyder to bypass certain questions during that hearing. Goodell also testified before the Oversight Committee this summer, doing so before Snyder.

Repeated allegations of toxic workplace culture and financial impropriety led to this latest batch of trouble for Snyder. He and other team executives have been accused of withholding ticket revenue from opposing teams and keeping refundable deposits from fans. The Committee also accused Snyder’s franchise of dishonesty with the NFL regarding sharable revenue. A former employee, testifying to the Committee, indicated Washington had two separate books — one with the full figures and another with underreported ticket revenue. Regarding ticket revenue, Grant Paulson of 106.7 The Fan tweets the team has sent a letter to various season-ticket holders — some from the not-so-recent past — indicating the team owes a balance to certain fans.

This endless spree of trouble has led to the threat of owners voting to remove Snyder from his 23-year ownership post, which would be an NFL first. It is uncertain if there are 24 owners willing to vote Snyder out, but some likely would. Jim Irsay indicated 24 removal votes could be there, with the Colts owner speaking out after an ESPN report indicated Snyder had conducted shadow investigations of select other owners. Snyder later denied that charge.

The prospect of owners assembling votes against Snyder hovered over the Commanders owner for much of 2022. However, Snyder has since begun the process of exploring a Commanders sale. After defiantly indicating he would never sell the team, Snyder is believed to be seeking a $7 billion sum for the franchise. That would surpass the Broncos’ 4.65 billion haul fetched this summer. The Broncos’ price more than doubled the previous NFL record. Several prospective buyers have emerged.

Regardless of a sale, Snyder remains in hot water. No timelines exist regarding the completion of the three investigations. As of now, the owner is believed to be operating without restrictions in his ownership role. Wilkinson’s investigation previously led to a de facto suspension, but that is believed to be over.

Latest On Dan Synder’s Potential Sale Of Commanders

November 9th, 2022 at 8:46pm CST by Ely Allen

New information continues to develop concerning the possible sale of the Commanders franchise from current owner Dan Snyder. Our most recent report included an estimated value of $5.6BB with a potential sales price of up to $7BB. We also pointed out that it was still uncertain whether Snyder was determined to sell all of his stake in the team or whether he still desired to remain a part-owner of the Commanders.

Mike Florio of NBC Sports was able to provide an update to these points this past weekend, reporting that Snyder is determined to sell “all of it — not some of it,” contradicting an earlier report where he quoted Cowboys owner Jerry Jones‘ opinion that Snyder was simply “testing the waters” in an attempt to sell a minority interest in the team. This also makes a moot point of fellow NBC Sports contributor Peter King, who posed that if anyone were to buy a minority stake, it would have to include a clear path to eventually buying Snyder all the way out “in a defined number of years.” The goal is for the full sale of the team to occur by March of 2023.

The report also mentions that Snyder hopes to get the full $7BB amount for the franchise. Florio points out that achieving that $7BB amount would result in a profit of $6.25BB from his original purchase price of $750MM. Florio also points out that the odds of reaching that sales price become more and more likely as lots of interested buyers create the potential for a bidding war. One of the potential bids we had mentioned previously was a group that was rumored to be forming around Amazon founder Jeff Bezos and music mogul Shawn Carter, also known as rapper Jay-Z. Since that rumor began, a number of others have expressed interest in joining the bid. Actor Matthew McConaughey was reported to be exploring the possibility of joining Bezos and Carter or forming his own investment group to bid, according to Mark Maske and Nicki Jhabvala of The Washington Post. Nets star forward Kevin Durant is also reportedly hopeful to join the franchise’s ownership group, according to ESPN’s Nick Friedell.

McConaughey and Durant are both big fans of the Commanders and have some recent experience in franchise ownership. McConaughey is a co-owner of the Major League Soccer’s recent expansion team in Austin. Durant owns a 5% stake in the MLS’s Philadelphia club as well as a minority stake in the National Women’s Soccer League’s Gotham FC. Most recently, Durant became a co-owner last month of a pickleball team. Neither McConaughey nor Durant are in the financial position to lead a bid for the Commanders and would have to rely on an investment group to enter a bid.

Red Sox owner John Henry has also been seen as a possible bidder, according to Josh Kosman of the New York Post, after his recent efforts to sell the Liverpool Football Club. The UK-based soccer team is set to sell for around $2-3BB, a sum that could contribute to the eventual bidding war for the Commanders.

One of the finalists in the sale of the Broncos, mortgage company executive Mat Ishbia also reportedly plans to consider contending with a bid for Washington, according to Maske and Jhabvala. Ishbia issued a statement directly to The Washington Post claiming that he is “interested in exploring this opportunity further.”

The constant emergence of new names supports the prediction that a bidding war could easily drive the team’s price up to the $7BB price tag that Snyder covets. King, from above, suggested that, as “Snyder detests The Washington Post,” he would never want to sell to its owner, Bezos. Perhaps the sheer volume of other investors in the potential investment group will change his mind. If not, it doesn’t sound like Snyder will be lacking for interested buyers.

Byron Allen, Jeff Bezos Prepare Bids For Commanders

November 3rd, 2022 at 8:52pm CST by Ely Allen

With news spreading that Commanders owner Dan Snyder is considering a potential sale of the team, speculation about who could possibly purchase the franchise has run rampant. Obvious names of some of the world and country’s richest people have surfaced, such as Tesla CEO Elon Musk, Wizards and Capitals owner Ted Leonsis, and Carlyle Group co-founder David Rubenstein. Former comedian and head of Entertainment Studios Byron Allen and Amazon founder Jeff Bezos were named by a source with knowledge of the situation as individuals who have expressed interest in bidding for the team, according to Mark Maske, Nicki Jhabvala, and Liz Clarke of The Washington Post.

Allen was one of the bidders for the Broncos and strives to become the NFL’s first Black principal team owner. He was courted quite a bit by NFL commissioner Roger Goodell and Patriots owner Robert Kraft during the Broncos’ sale in a concerted effort to help make that a reality. The league has a special interest in helping Allen after the owners “approved a resolution in March endorsing diversity in franchise ownership.”

What makes this difficult to accomplish for Allen is the league guideline that essentially requires a purchaser to have 30% of the final sales price liquid and available at the time of the purchase. With the Broncos selling at $4.65BB, the Commanders are largely expected to surpass $5BB. Forbes “estimated in August that the Commanders are worth $5.6BB,” and Jack Evans, a former D.C. council member, estimated that the team could sell for as much as $7BB. This requires the available amount to be upwards of $1.50-2.10BB.

An outrageous down payment like that makes it extremely difficult for someone like Allen to make the purchase alone, and Allen has made it clear that he would not like to join any groups as a minority investor. It sounds like, in order to make that happen, the league would have to revise the rules or make an exception to them, which could potentially happen if the league truly wants to encourage diversity in franchise ownership. It’s not likely that this will take precedence over bid price, though.

Bezos, on the other hand, being the fourth-richest person in the world, is in a much better position to cover the required initial amount with an estimated net worth of $113.2BB. The source who named Bezos claims that the Amazon executive might be interested in a group bid including music mogul Shawn Carter, better known as Jay-Z.

Bezos has ties to both D.C. and the NFL in his business experience. He owns The Washington Post and Amazon carries the NFL’s current “Thursday Night Football” package. Bezos has spent plenty of time with Goodell, attending a game with him earlier this year, and Kraft has advocated for Bezos to be involved in Seattle, where the Seahawks may soon find themselves for sale by the trust of late owner Paul Allen.

Carter also has ties to the NFL through the partnership his Roc Nation agency has with the NFL that makes it a co-producer of the Super Bowl halftime show. He also has experience with franchise ownership as a former part-owner of the Nets. The biggest strike against Bezos and Carter is that it is presumed that the NFL would prefer an individual buyer over a group.

It was made known, though, that Carter would not have interest in pursuing a minority stake in the franchise if Snyder remains the majority owner, which brings up an interesting point: Snyder has not divulged whether he is considering a full or partial sale of the team. In the recent past, Snyder attempted “to exercise his right of first refusal” to match offers made to former limited partners, effectively blocking the sale of partial ownership shares. The buyers who were blocked by Snyder, Clearlake Capital co-founders Behdad Eghbali and Jose E. Feliciano, reportedly went on to bid on the Broncos and could be considered candidates to buy the Commanders once again.

There is plenty that still needs to unfold before we see the conclusion of this story. Wrinkles need to be ironed out about how much of the franchise is for sale. Real bids need to be placed. The league will need to decide how serious it is about promoting diversity in ownership as well as how it feels about group ownership. We’ll likely see lots of similarities to the Broncos’ sale, and this sale could lay the groundwork for an eventual sale of the Seahawks. Plenty remains to be seen in the months to come.

Load More Posts