Washington Commanders owner Dan Snyder is looking to sell the entirety of his football franchise, and the team is expected to fetch $7 billion or more, according to Sunday reports.
The NFL is hoping to move quickly on the deal as well, with the timeline to finalize the sale being within the next six months — before the owners meetings in March, Fox Sports reporter Jay Glazer told viewers.
NFL Network’s Ian Rappaport confirmed Glazer’s reporting separately when he said “Based on conversations I’ve had with several people very much in the know, the belief, right now, is that he will sell the entire team.”
Snyder hired Bank of America Securities last week to explore all options as it relates to the team’s future — including selling a minority stake in the team. But Rappaport said that interest in purchasing the team outright was much greater than anticipated.
If the sale were to go for the $7 billion asking price, it would be significantly above the team’s current estimated valuation of $5.6 billion, according to Forbes.
Snyder originally purchased the team for $800 million with two partners in 1999.
The franchise has been embroiled in multiple controversies throughout the Snyder era, with the most recent being an NFL-commissioned probe into Snyder and the organization over sexual misconduct allegations.
Indianapolis Colts owner Jim Irsay said last month that there is “merit” to removing Snyder over the accusations.
The football team has a record of 160-216-1 throughout Snyder’s tenure.