Washington Commanders owner Dan Snyder 'exploring options' to sell the team

Dan Snyder has been the owner of the Washington franchise since 1999

The Washington Commanders co-owners Dan Snyder and Tanya Snyder have hired Bank of America to 'consider potential transactions' as they look to sell the team.

A statement released by the Commanders on Wednesday read: "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."

Asked if the Snyders were considering selling part or all of the team, a spokesperson said: "We are exploring all options."

The Commanders are worth an estimated $5.6 billion, according to Forbes, who first reported that the Snyders were looking to sell. It places them sixth among the NFL's 32 teams on estimated value.

The publication added that the Snyders have already had at least four calls from groups interested in buying the team.

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Dan Snyder has been the owner of the Washington franchise since 1999 but his two-decade long tenure has been undermined by poor performance on the field - Washington have won just two playoff games over that span - and controversy off of it.

Both Dan Snyder and the team are the subject of separate ongoing investigations into allegations of workplace misconduct being conducted by the US House Committee on Oversight and Reform and by former attorney Mary Jo White, on behalf of the NFL.

The NFL conducted an initial independent investigation into the team in 2020, undertaken by attorney Beth Wilkinson's firm, which found Washington's workplace culture to be 'toxic'. Dan Snyder and the team were fined $10m, and his wife Tanya has been in charge of day-to-day operations since July 2021.

The lack of a written report of Wilkinson's findings prompted Congress to investigate. Congress also hosted a roundtable in February, during which there was a new allegation of sexual misconduct made against Snyder by a former team employee. He denies the allegation.

The Commanders also currently face a criminal investigation in Virginia, where the club are accused of financial malpractice for allegedly scamming season-ticket holders out of security deposits and improperly withholding ticket revenue from NFL teams. The Commanders have denied these claims.

Indianapolis Colts owner Jim Irsay has spoken out against Dan Snyder and the Washington Commanders

Indianapolis Colts owner Jim Irsay said at the NFL's Fall League Meeting in October that "there's merit to remove" Dan Snyder as owner of the Commanders and it should be given "serious consideration" by the NFL.

The removal of an owner from the league requires a three-fourths vote from ownership (24 out of 32 votes), and it has never been done before at the NFL level.

The Commanders issued a statement in response to Irsay's comments, which stated: "There is no reason for the Snyders to consider selling the franchise. And they won't."

But according to the team's statement on Wednesday, it appears the Snyders and BofA Securities are now exploring options of a potential sale.