After years of avoiding any talks of selling the franchise, Washington Commanders team owner Daniel Snyder has finally given in. Back in November, the Commanders initiated the sale process by hiring Bank of America to help facilitate a deal with prospective buyers.
Recently, the investment bank took another step toward selling the team by moving on to the next rung of the qualifying process.
According to Mark Maske of the Washington Post, Bank of America is preparing to advance to the next stage of its plan to establish how legitimate each interested bidder is in purchasing the team.
Buyers must adhere to the specific confidentiality rules set in place by the bank as the sale discussions move along.
It’s a small step of progress, but it’s progress nonetheless.
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Daniel Snyder expected to give up full Washington Commanders team control
When news broke of Snyder finally being willing to sell the team, some wondered if that meant he would still look to retain a partial stake in the Washington franchise, but that may not be the case.
Most sources close to the situation indicate Snyder is ready to sell his entire stake. In fact, many believe this is the likely outcome.
Others feel Snyder simply has no choice but to give up full team control. Anything less could be risking a sort of revolt, either among the local fanbase, other team owners, or the league itself.
No matter what, NFL rules require at least 75% of all team owners to approve said sale, to which hiccups are unlikely to emerge.
In turn, Snyder walking away completely, albeit with a much better-looking bank account, is probably best for everyone. The Commanders’ sale is anticipated to reach the $6-$7 billion range. The previous NFL sales record was set by Rob Walton, who purchased the Denver Broncos for $4.65 billion earlier this year.
Now it’s possible we’ll see those who missed out on a chance to buy the Broncos pivot to trying to secure the Washington football franchise instead.
Related: Washington Commanders officially start process to sell franchise: 5 possible buyers