Snyder exploring sale of Commanders, team reportedly under criminal investigation
The Washington Commanders hired BofA Securities "to consider potential transactions" involving the franchise, the team announced Wednesday.
"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 Commanders said in a statement.
Washington's announcement came just hours before an ESPN report revealed that the organization is the subject of a criminal investigation opened by the U.S. Attorney's Office in the Eastern District of Virginia. The probe is reportedly looking into allegations of financial impropriety and deceptive business practices.
Owner Dan Snyder reportedly already received at least four calls from groups interested in buying the team, a source told Forbes' Mike Ozanian.
Snyder reportedly could be looking to sell the entire franchise or just a minority stake.
"We are exploring all options," a Commanders spokesperson told NFL Network's Ian Rapoport.
Snyder's ownership of the team has been widely criticized due to alleged workplace misconduct, sexual harassment, and financial impropriety, leading to investigations by the NFL and Congress.
There is still no timetable for the league's most recent investigation, led by attorney Mary Jo White, to be completed, reports NFL Network's Tom Pelissero.
Indianapolis Colts owner Jim Irsay said in mid-October that he would support the decision to remove Snyder as owner of the Commanders.
The 57-year-old has owned the Washington franchise since 1999. It would take 24 of the other 31 owners to vote for Snyder's removal.
The Denver Broncos were the last NFL franchise to be sold. The Walton-Penner family took over the AFC West club in June for a U.S. sports-franchise record of $4.65 billion.
Before that, David Tepper purchased the Carolina Panthers for $2.2 billion in 2018.
The Commanders are worth an estimated $5.6 billion, according to Forbes.