Dan, Tanya Snyder Likely to Sell Commanders, per Report

Bank of America, the investment bank hired by Commanders co-owners Dan and Tanya Snyder, is moving forward with the process for them to consider offers to purchase all or part of the team, per The Washington Post. The bank is set to send what amounts to a prospectus for the team to qualified potential buyers who agree to confidentiality.

According to the Post, they are most likely to sell the entire franchise. Any sale, whether it’s the entire franchise or a minority share, must be approved by at least three-quarters of the other NFL team owners.

The team first announced in November that the co-owners hired Bank of America to potentially sell all or part of the franchise. According to Sports Illustrated‘s Albert Breer, the team is expected to sell for at least $5 billion, with the possibility of the price tag reaching $6 billion or $7 billion. The record sale for an NFL team was when the Broncos were sold in August for $4.65 billion.

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