Front Office Sports, citing anonymous sources, reported Monday that the probes are “unlikely to derail the sale of the Commanders,” adding the investigations could “keep a quicker sale on track.” Multiple reports indicated Sunday that the sale of the Commanders could be finalized by as soon as March — when the NFL owners meet for their annual spring meeting. The Commanders said last week that the Snyders have hired an investment bank to explore “potential transactions” for the franchise and are weighing “all options.”
There are at least five investigations into Snyder as the NFL, Congress, attorney generals in Virginia and the District and the U.S. attorney’s office in the Eastern District of Virginia are conducting probes regarding allegations of sexual misconduct and financial improprieties. The U.S. attorney’s office launched a federal criminal investigation into allegations of financial improprieties involving the team, ESPN reported last week.
The overall controversy hasn’t appeared to hurt the Commanders’ valuation, either. Forbes pegged the Commanders at $5.6 billion earlier this year — a 33% increase from the year prior.
“I would say it’s almost a certainty (the deal surpasses Forbes’ evaluation), to the extent you get multiple bidders here,” Marty Conway, a Georgetown adjunct sports and business professor, told The Washington Times last week. “This is a jewel opportunity. Remember, this franchise is really important to the NFL. In its glory days, there were presidents and heads of governments and agencies, senators, members of congress … this was a place to be seen.”
Front Office Sports reported Monday that any sale would require Snyder to put “a fairly significant amount” into escrow. The escrow account would “would cover any monetary penalties or damages that arise from those investigations,” the business publication wrote.
A series of suitors have already emerged for the Commanders, with billionaires Jeff Bezos, Byron Allen and Mat Ishbia all rumored to be interested.
• Matthew Paras can be reached at firstname.lastname@example.org.
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