• Loading stock data...
Thursday, February 22, 2024
Register Now for Future of Sports: Cybersecurity
exclusive
Deals

Jeff Bezos Has Yet to Officially Bid on Washington Commanders

  • Bezos wasn't among the first-round bidders ahead of last month's deadline, sources told FOS.
  • None of the early bids exceeded $6.3 billion, well under early estimates.
Jeff-Bezos
Jay Biggerstaff-USA TODAY Sports

Jeff Bezos didn’t place a bid for the Washington Commanders ahead of last month’s deadline, sources with knowledge of the process told Front Office Sports.

But that doesn’t mean the Amazon founder is out of the running for embattled Dan Snyder’s franchise.

None of the half-dozen bids submitted for the Commanders before the first-round deadline on Dec. 23 exceeded $6.3 billion, one source said.

There are two main reasons why:

  • Bezos didn’t come strong with a huge number, setting up a situation where he’d initiate an early bidding war, sources told FOS.
  • The same sources said some other billionaires interested in the Commanders have realized that getting public financing for a new stadium could be difficult. A domed stadium, like the one Snyder had plans to build, is estimated to cost $3 billion.
Dan Snyder

Dan Snyder Out of View in Possible Final Game as Owner

In final game of year, owner Dan Snyder no where in sight.
January 9, 2023

The first time Bezos explored a piece of the franchise, it didn’t work out.

In February 2021, FOS reported that an attorney working on behalf of Bezos inquired about a minority interest in the team.

The animus between Snyder and the $121 billion net worth mogul could be the reason that didn’t work out and why a deal for Bezos to acquire all of the team may not either. 

“Dan Snyder detests The Washington Post [owned by Bezos],”  a source told NBC Sports’ Peter King. “No way he’d sell to the owner of that paper.”

A banker told FOS in November that Snyder holding out on Bezos is possible “if the bids weren’t that far apart,” but Snyder isn’t likely to leave tens or hundreds of millions on the table out of spite. 

There’s also been no official word from Snyder that he intends to sell at least a controlling stake in the franchise, although many around the league expect such.

“We are not commenting on anything related to a potential transaction,” a Commanders spokesperson told FOS.  

Messages left with Bank of America and a Bezos attorney were not returned. 

After Snyder announced in November that the team would explore a franchise sale, some estimates suggest the winning bid could reach $8 billion, which would easily set a worldwide sales record for a sports franchise. 

Currently, the priciest franchise to change hands is Chelsea FC. Todd Boehly finalized a $5.3 billion purchase of the Premier League franchise in May.

Headshot of Washington Commander's owner Dan Snyder

New Washington Commanders Owner Could Need Extra $1B

The next owner of the Washington Commanders may need some extra cash.
December 27, 2022

The Interested Parties

FOS could not confirm who submitted bids to Bank of America, which is handling the sales process on Snyder’s behalf. Beyond Bezos, the other super-rich individuals linked to the team include: 

  • Boehly, already a co-owner of the Los Angeles Lakers, Dodgers and Sparks, is reportedly interested in the Commanders. He was among the finalists for the Denver Broncos. The Broncos were ultimately acquired by a group led by Walmart heir Rob Walton for $4.65 billion last year. 
  • Clearlake Capital co-founders Behdad Eghbali and José Feliciano were also interested in the Broncos and the Commanders in the past. The two offered $900 million to purchase a 40% stake in the Commanders in 2020. 
  • John Henry, the principal owner of the Fenway Sports Group, could be looking for an NFL team to add to his stable of sports properties. He owns the Boston Red Sox, Pittsburgh Penguins, and a NASCAR team. Henry is in the process of selling Liverpool FC.

The NFL Constitution and Bylaws require that one individual who will become a club’s principal owner must have 30% of the total price in cash

At $6.3 billion, that equates to $1.89 billion — an amount that can be hard to come up with in short order, even for the uber-rich.

Washington Commanders sale could be the most expensive.

Commanders Could Sell For ‘Well North’ of $7B

Snyder has reportedly received offers “well north” of $7 billion.
December 23, 2022

Snyder’s Downward Spiral

Snyder made much of his fortune with Snyder Communications Inc., an advertising and marketing firm he co-founded with his sister, Michelle. Snyder became the youngest to ever own an NFL team at age 34 with his purchase of the Commanders for $800 million in 1999

He took over a team with a waiting list for season tickets among the league’s top draws. Slowly, that began to change as the losing seasons mounted under Snyder. 

  • In Snyder’s 24 seasons as owner, they went to the playoffs just six times with just one postseason win. 
  • In recent seasons, the lack of on-field success has been met with a string of controversies.
  • From the former team name that Snyder vowed never to change to toxic workplace allegations, the franchise became a growing concern among NFL owners.

The Commanders were fined $10 million in July 2021 after the first outside NFL investigation into the franchise’s workplace culture. Snyder stepped away from his duties as his wife, Tanya, took over as co-CEO when the fine and recommendations were announced to fix the team’s issues. 

But a slew of other investigations followed, including a lengthy Congressional probe that concluded in December. That investigation uncovered allegations of financial improprieties that FOS first reported in March. 

Snyder denied any wrongdoing, and one of his attorneys called Congress’ investigation “a politically inspired hatchet job.” 

“Our report tells the story of a team rife with sexual harassment and misconduct, a billionaire owner intent on deflecting blame, and an influential organization that chose to cover this up rather than seek accountability and stand up for employees,” said Carolyn Maloney, the chair of the House Oversight Committee at the time of the final report’s release.

Snyder remains under investigation by a second outside NFL investigation led by former SEC chief Mary Jo White. There’s no timetable on when that probe will conclude.  

FedEx-Field

Fanatics Makes First Move into Sports Betting at FedEx Field

Fanatics will launch the first sportsbook inside an NFL stadium.
January 12, 2023

A Low Profile 

Snyder had fallen out of favor with most NFL owners well before the report from Congress dropped. 

Privately, owners told FOS and other outlets that they’d favor removing Snyder. Colts owner Jim Irsay became the first to say so publicly back in October.

While the headlines garnered from Congress’s probe didn’t help, many of the league’s other owners had grown concerned over the drop in profile — and revenues — from one of the league’s historic franchises. 

  • Snyder, who was supposed to focus on a new stadium with his wife in charge, could not secure a route toward public funding in Virginia last year even as teams like the Buffalo Bills and Tennessee Titans scored guarantees in the hundreds of millions. 
  • The inability to make inroads on a planned $3 billion domed stadium, teamed with shrinking ticket proceeds, has left Snyder as arguably the least-popular owner in the league. 

Snyder wasn’t on the field next to one of his top allies, Dallas Cowboys owner Jerry Jones, at the Commanders’ season finale on Jan. 7. There was actually no indication that Snyder — who has spent increasingly more time in London in recent months — was even at the game

From the start of the sales process, some have been hesitant to count on Snyder actually selling at least enough to cede control of the team. While the bids may not be as lofty as early projections, there’s still time for that amount to grow.

Even if it doesn’t, that may not matter. 

The reasoning: Many around the league feel Snyder has become disengaged since he put the franchise on the market, indicating that a sale appears likely.

Linkedin
Whatsapp
Copy Link
Link Copied
Link Copied

What to Read

Women Prove to Be a Powerful Force in Super Bowl LVIII Record Viewership 

Female demographics show strong viewership growth for the NFL’s title game.
Caitlin Clark

Caitlin Clark’s Moment in History Will Stay on Peacock. Here’s Why

Comcast-owned NBCUniversal continues to emphasize its streaming platform.
Sponsored

Live Sports Are Now High-Tech Experiences

Oracle is leading the technology revolution happening in stadiums across the world.
Comcast

Comcast Tries to Sort Out Impact of Rivals’ Sports Streaming Bundle

Skepticism persists surrounding new platform involving ESPN, Warner Bros. Discovery, and Fox.
podcast thumbnail mobile
Front Office Sports Today

The Company That’s Selling Inspiration

0:00
0:00

Featured Today

Sabrina-Steph Wasn’t the ‘Battle of the Sexes’—But It Was Part of the Bigger War

The competition could play a factor in increasing the WNBA’s media value.
NASCAR Cup Series driver Bubba Wallace (23), in a Star Wars rebel alliance X-wing fighter pilot-inspired race suit, motions to the crowd to get louder during the driver introductions for the Cup Series Championship race at Phoenix Raceway in Avondale on Nov. 5, 2023.
February 17, 2024

Celebrity Owners, International Ambitions, and $7B Media Deals: Welcome to the New NASCAR

NASCAR boldly keeps pace with the increasingly competitive sports and entertainment world.
February 16, 2024

Wilson Introduced an Airless Basketball for $2,500. We Had Questions

The black, 3D-printed ball appeared in last year’s Slam Dunk Contest.
Emily Henegar, a baker and content creator, made a batch of NFL-inspired cookies featuring Taylor Swift and Travis Kelce.
February 11, 2024

The ‘Life-Changing’ Economy of Taylor Swift’s NFL Outfits

Appearing in Swift’s game-day wardrobe has been “life-changing” for small businesses.

Careers

Powered By

Careers in Sports

Looking for a new job? Check out these featured listings and search for openings all over the world.
Finance Manager
FanDuel
New York, NY
Senior Technical Artist - Sports Technology
EA Sports
Orlando, FL
Assistant Manager, Affiliate Operations
Adidas
Portland, OR

Tom Brady’s Post-Retirement Embrace of Las Vegas

With business all over town, one partner says, ’He’s going to be a great addition to the city.’
January 31, 2024

PGA Tour Taps Into Deep Base of Team Owner Experience With SSG Deal

New investor group boasts more than 200 years of combined team leadership.
Jordan Spieth
February 1, 2024

Will PGA Tour-PIF Deal Get Done? Some Players Say: Don’t Bother

Spieth, Simpson among those to question need for Saudi pact after SSG investment.
Sponsored

Live Sports Are Now High-Tech Experiences

Oracle is leading the technology revolution happening in stadiums across the world.
Baltimore-Orioles-Camden-Yards
January 31, 2024

Capital Changes: Orioles’ Sale Marks Latest Deal in a Rapidly Transforming Region

Deal for MLB team follows Leonsis arena project, Harris purchase of the Commanders.
Golf bag leaning on PGA Tour signage
January 31, 2024

PGA Tour Scores Investment Worth Up To $3 Billion and Gives Players Equity

Players collectively get $1.5 billion in equity shares based on performance.
Orioles lawsuit
January 30, 2024

Baltimore Orioles Reportedly Being Sold to Two Billionaires

Owner John Angelos is set to sell the team for $1.725 billion.
January 30, 2024

Tom Brady’s Next Big Move: Merging TB12, Brady Brand with NOBULL

Tom Brady is merging TB12 and Brady Brand with NOBULL.