Washington Commanders co-owners Dan and Tanya Snyder announced Wednesday that they have hired Bank of America Securities to explore a possible sale of the NFL franchise.
The team released a statement, saying they are considering “potential transactions.”
“The Snyders remain committed to the team, all of its employees and its countless fans to putting the best product on the field and continuing the work to set the gold standard for workplaces in the NFL,” the team said in the statement.
Congress is currently investigating Dan Snyder for the toxic workplace culture created within the organization during his ownership. The NFL, led by attorney Mary Jo White, is investigating Snyder for a second time. An initial investigation yielded a $10 million fine for the organization.
Attorneys Lisa Banks and Debra Katz, who represent over 40 former employees of the Washington franchise, called Wednesday’s news a “good development for the team.”
“Today’s news that Dan and Tanya Snyder are exploring selling the Washington Commanders is a good development for the team, its former and current employees, and its many fans,” they said in a statement, via ESPN. “We will have to see how this unfolds, but this could obviously be a big step towards healing and closure for the many brave women and men who came forward.”
NFL spokesman Brian McCarthy reiterated that any potential transaction needs to be presented to the NFL Finance Committee for review. Required is an affirmative vote by three-quarters of the full membership (24-of-32 teams).
Indianapolis Colts owner Jim Irsay called for Snyder’s removal last week.
“I believe there is merit to remove him as owner of the [Commanders],” Irsay said. “There’s consideration that he should be removed.”
Criminal Investigation Reportedly Opened Regarding Washington Commanders Finances
ESPN reported Wednesday that the U.S. attorney’s office in the Eastern District of Virginia has opened an investigation regarding “financial improprieties” the team may have taken part in. Federal prosecutors are reportedly looking at “several areas.”
The House Committee on Oversight and Reform sent a letter to the Federal Trade Commission in April. The letter alleges various shady business practices. Jason Friedman, former vice president of sales and customer service spoke with the committee in March of this year. He claims that the team had withheld security deposits from their season ticket holders. He also said that Washington had two accounting books to keep money from going into the NFL’s revenue pool.
The Commanders have denied any wrongdoing.