Washington Commanders owners announced Wednesday that they had hired Bank of America, in a major step toward a potential sale of the troubled NFL franchise.
“Dan and Tanya Snyder and the Washington Commanders announced today that they have hired BofA Securities to consider potential transactions,” according to a team statement.
“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.”
In recent years, the team has been the target of multiple investigations about its workplace culture, leading to calls for the Snyders to sell.
Snyder purchased the once-proud franchise ahead of the 1999 season, taking over a club that has won three Super Bowl titles.
Only six other NFL franchises have won more modern pro football titles than Washington. But Snyder’s tenure has been marked by poor results and several scandals off the field.
The team hasn’t even reached a conference title game under Snyder’s regime and it’s now on a run of five consecutive losing seasons.
For years, a defiant Snyder resisted calls to rename his club, which had used a slur for Native Americans as its nickname and mascot. The team finally bowed to public pressure in 2020 and rebranded itself the Commanders last year.
Off the field, the team has been accused by multiple former employees of fostering a toxic, misogynistic workplace.
The allegations led to congressional hearings which shined an unflattering light on the club earlier this year.
A congressional report accused Snyder of commissioning a “shadow investigation” into employees who spoke out against the team’s “toxic workplace” in a bid to influence the NFL’s review of sexual harassment allegations.
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