(Reuters) – Washington Commanders owners Dan and Tanya Snyder have hired Bank of America Securities to explore “potential transactions”, the National Football League (NFL) team said on Wednesday.
Snyder bought the Washington franchise in 1999 for $800 million and his ownership of the club has come under pressure amid investigations by the NFL and Congress into the team’s workplace culture and potential financial improprieties.
The team have won three Super Bowls and are one of the NFL’s marquee sides, ranked by Forbes this year as the league’s sixth-most valuable franchise at $5.6 billion.
“Dan and Tanya Snyder and the Washington Commanders announced today that they have hired BofA Securities to consider potential transactions,” the team said in a 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.”
The Commanders did not immediately reply when asked by Reuters if the Snyders are considering selling all or part of the team but a spokesperson with the club told the NFL website they are exploring all options.
In April, the U.S. Committee on Oversight and Reform sent a letter to the Federal Trade Commission saying it found evidence the Commanders might have engaged in potentially unlawful financial conduct by withholding ticket revenue from visiting teams and refundable deposits from fans.
The Commanders have previously denied any suggestion of financial impropriety of any kind at any time.
Last year, the NFL fined the team $10 million after an independent counsel review found the workplace demonstrated “a general lack of respect” toward women.
In announcing the fine, the NFL said: “Bullying and intimidation frequently took place and many described the culture as one of fear, and numerous female employees reported having experienced sexual harassment.”
(Reporting by Frank Pingue in Toronto; Editing by Christian Radnedge)
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