Dan Snyder nearing a deal to sell Washington Commanders to 76ers owner Josh Harris for $6B

Nearly five months have passed since a fellow NFL team owner voiced concerns over Dan Snyder's ownership of the Washington Commanders. Publicly declaring that he believed "there's merit to remove" Snyder from his position, the issue was left unresolved for some time. However, it now appears that a solution may be near, as Snyder is reportedly close to selling the Commanders to hedge fund manager Josh Harris for an NFL-record $6 billion.

Reports from several reputable sources, including Sportico, Sports Business Journal, CBS Sports, and ESPN, suggest that Snyder's decision to sell comes several weeks after the NFL's annual league meeting in Phoenix, where team owners, executives, and head coaches converged. Had Snyder's concerns remained unresolved at this point, team owners could have voted on his removal, as outlined in NFL bylaws stipulating that three-fourths of club owners must approve a forced sale.

However, it appears that Snyder's concerns will be resolved without the need for such drastic action. The new ownership group, led by Harris, co-founder of Apollo Global Management and team owner of the NBA's Philadelphia 76ers and NHL's New Jersey Devils, will also include D.C.-area billionaire Mitchell Rales, who co-founded Fortune 500, and NBA Hall of Famer Magic Johnson.

According to reports, Amazon founder Jeff Bezos and Tilman Fertitta, who owns the NBA's Houston Rockets, also showed interest in the sale, as reported by The Washington Post. However, Snyder is said to have prevented Bezos' bid due to discord with the Bezos-owned Post.

Snyder has long refused to sell his team, just as he had long refused to change the name of his now twice-renamed-in-the-last-three-years Commanders. However, a statement released on November 2nd suggested a change in tone, as the Commanders' announced that they had hired BofA Securities to consider potential transactions, indicating that Snyder's position on the matter may have shifted .

Snyder’s Commanders ‘far short of NFL Values,’ Investigation found

NFL team owners were once impressed by Dan Snyder, unanimously approving his purchase of the Washington Commanders on May 25, 1999. The then-New Orleans Saints owner, Tom Benson, had called Snyder a "team player" and a "good partner." However, Snyder's tenure as the team owner has been marred by controversy.

Snyder refused to change the team's mascot despite it being widely considered racially insensitive and offensive. It was only in July 2020, after the threat of sponsorship revocation from companies such as FedEx, whose name adorns the Commanders' stadium, that the team finally removed the nickname "Redskins."

Allegations of sexual harassment against Snyder and the Commanders have plagued the team in recent years. More than 40 women who worked for the Commanders claimed they were sexually harassed in the workplace by colleagues, including Snyder and executives. In response, the NFL launched an investigation and fined Snyder $10 million in July 2021, stating that "the culture of the club was very toxic and fell far short of the NFL’s values." However, the league did not suspend Snyder and instead placed his wife, Tanya, in charge of daily operations. The NFL also refused to release the full findings or any written report of its investigation, prompting the U.S. Congress House Committee on Oversight and Reform to launch its own investigation.

During Congressional testimony, former Washington cheerleader and marketing manager Tiffani Johnston accused Snyder of making sexual advances towards her, including placing his hand on her thigh during a work dinner. Afterwards, Snyder pushed her towards his car before his attorney stopped him and said it was "a very bad idea, Dan." This testimony prompted the NFL to launch another investigation, hiring former U.S. Securities and Exchange Commission chair Mary Jo White.

White's investigation of Snyder has continued for more than a year. Commissioner Roger Goodell has repeatedly stated that the league has not given and will not give White a timeline by which to conclude her process. As the investigation continues, allegations against Snyder and the Commanders continue to mount.

Congress sounds alarmed about Snyder's financial integrity

The Washington Commanders' team owner, Daniel Snyder, has been embroiled in a series of controversies and scandals in recent years. In May 1999, Snyder was unanimously approved as the owner of the team by the National Football League (NFL) owners. However, his tenure has been marked by controversy and criticism.

One of the major controversies surrounding Snyder's ownership of the Commanders is the team's former nickname, "Redskins," which was considered by many to be racially insensitive and offensive terminology. While the nickname predated Snyder's ownership of the team, he stated in 2013 that he would "NEVER" change it. It wasn't until the 2020 threat of sponsorship revocation from companies, including FedEx, that the team finally removed the controversial nickname.

Another major scandal that has been associated with Snyder and the Commanders in recent years involves allegations of sexual harassment. Over 40 women who worked for the Commanders have accused colleagues, including Snyder and other executives, of sexual harassment in the workplace. An NFL investigation determined that the culture of the team was "very toxic" and that it fell "far short of the NFL’s values." As a result, the league fined Snyder $10 million in July 2021. The NFL did not officially suspend Snyder, but instead, his wife, Tanya, took over daily operations.

However, Snyder's problems did not end there. The U.S. Congress' House Committee on Oversight and Reform opened its own investigation into the matter after the NFL refused to release the full findings of its investigation or any written report, citing privacy concerns. Former Washington cheerleader and marketing manager Tiffani Johnston accused Snyder of making sexual advances towards her during a work dinner in her Congressional testimony. She stated that Snyder had put his hand on her thigh and pushed her towards his car afterwards. Snyder's attorney then stopped him, saying it was "a very bad idea, Dan."

In February 2022, the NFL opened another investigation into Snyder's conduct, hiring former U.S. Securities and Exchange Commission chair Mary Jo White. However, the investigation has dragged on for over a year, and the league has not given White a timeline to conclude her process. Meanwhile, more allegations against Snyder and the Commanders have continued to mount.

On April 12, 2022, the House Oversight Committee contacted the Federal Trade Commission regarding a new strain of Snyder-related concerns: financial impropriety. The Commanders were accused of violating league revenue-sharing agreements and allegedly keeping "two sets of books" to conceal profits from the NFL. Snyder's reputation and practices have also led to acrimony among fellow team owners, with reports of him investigating other owners to threaten them with "dirt" if they forced a sale. In October 2021, Jim Irsay, the owner of the Indianapolis Colts, called for Snyder's removal, citing decades of "gravely concerning" behaviour.

As a result of these ongoing scandals, BofA Securities was hired to explore sale possibilities for the Commanders. Despite this, a spokesman for the team has asserted that there is "no reason for the Snyders to consider selling the franchise."

Washington flailed on the field under Snyder's team ownership

Washington's NFL franchise, once a powerhouse of the league, has been struggling to find success during Daniel Snyder's 24-season tenure as owner. The team managed to win only two playoff games, one in Snyder's first season as owner in 1999 and the next in 2005. In the regular season, the team cycled through eight head coaches and had a record of 164-220-2. Even though the NFC East title changed hands every year since 2003, Washington only won it four times.

Despite these struggles, Snyder's tenure did have some notable moments. In 2012, Robert Griffin III won the Offensive Rookie of the Year award, and in 2015, Kirk Cousins led the team to a division title with his memorable "You like that?" post-game quote. The team also drafted and signed franchise greats like Champ Bailey, Trent Williams, and London Fletcher. In addition, current head coaches Kyle Shanahan, Sean McVay, Matt LaFleur, and Mike McDaniel got their NFL coaching starts with Washington.

However, off the field, the team's dysfunction became more apparent. The recent House Oversight Committee letter to the Federal Trade Commission regarding financial impropriety adds to the ongoing investigation into workplace misconduct at the team. Snyder's repeated inability to secure a new stadium deal for the team didn't help his standing among other team owners either. ESPN reported acrimony among the group and Snyder investigating fellow team owners so he could threaten to release “dirt” if they threatened to force a sale.

In spite of these challenges, there is hope for the future. The recent sale of the team to Josh Harris and his ownership group presents an opportunity to restore the team to its former glory. While the new owners face a much taller task than the Walter-Penner group who bought the Denver Broncos last year for $4.65 billion, they have the chance to turn the franchise around. With a talented roster and new leadership, Washington may be able to return to its championship-level success and become a force in the NFL once again. It remains to be seen what the future holds for the team, but one thing is certain: the new owners have a lot of work ahead of them.