Dan Snyder hires Financial institution of America

Washington Commanders proprietor Dan Snyder has employed Financial institution of America to discover “potential transactions,” the staff mentioned Wednesday.

The NFL staff employed the financial institution to assist facilitate a possible sale, in response to an individual acquainted with the matter.

Snyder is not being pressured to promote the staff regardless of mounting strain to probably take away him as an NFL proprietor, the individual mentioned. Snyder and the Commanders are presently being investigated by each the Home Oversight Committee and the NFL for sexual harassment and monetary misconduct. The NFL’s probe is being led by former Securities and Trade Chair Mary Jo White.

“Mary Jo White is continuous her evaluate. We’ve no replace on a timeline,” the league mentioned Wednesday.

A deal for the Commanders may worth the staff as a lot as $7 billion, the individual mentioned. Forbes valued the staff at $5.6 billion in its annual staff valuations checklist, making the franchise the sixth most useful within the NFL.

The league mentioned Wednesday that any deal must undergo its finance committee, and would require the approval of 24 of the NFL’s 32 groups.

Indianapolis Colts proprietor Jim Irsay mentioned eventually month’s NFL homeowners’ assembly that there was “benefit to take away” Snyder as proprietor of the Commanders.

“It is one thing we’ve got to evaluate, we’ve got to have a look at all of the proof and we’ve got to be thorough and it is one thing that needs to be given critical consideration,” Irsay mentioned of voting on Snyder’s elimination final month.

After Irsay’s feedback, the Commanders launched an announcement saying Snyder would not promote the staff.

“We’re assured that, when he has a possibility to see the precise proof on this case, Mr. Irsay will conclude that there is no such thing as a motive for the Snyders to contemplate promoting the franchise. They usually will not,” the assertion mentioned.

Snyder has owned the Commanders since 1999. Within the final 23 seasons, the Commanders have made the playoffs six instances and have but to advance to a convention title sport. Snyder has drawn constant ire from the Commanders’ fan base for his habits and the staff’s efficiency.