• Loading stock data...
Sunday, April 21, 2024
  • -
    days
  • -
    hours
  • -
    minutes
  • -
    seconds
exclusive
Deals

Jeff Bezos Remains in Running for Washington Commanders

  • Bezos isn't out of race for Commanders as owner Dan Snyder takes time to make decision on sale.
  • Owners have become increasingly concerned Snyder may opt to keep team.
Jeff Bezos
Syndication: Louisville Courier-Journal

NFL owners have grown increasingly concerned over the pace of the Washington Commanders sale, fueled by reports that owner Dan Snyder won’t allow Amazon founder Jeff Bezos bid for the franchise. 

Bezos, however, remains in the mix for the Commanders, two sources with knowledge of the situation told Front Office Sports. One of those sources said that news that Snyder wouldn’t sell to Bezos amounts to a ploy to get a high bid out of the Amazon founder. 

There are indications that the sales process, which is now 117 days old, is at a critical juncture. Snyder and Bank of America — the firm hired to facilitate a sale — have narrowed the list of bidders down in recent weeks. 

There’s another option, and some have theorized could happen since the start: Snyder could decide to keep the team, something one source said has vexed some NFL owners.

While it’s still believed that Snyder will ultimately decide to sell, bids haven’t come close to the $7 billion figure sources previously told FOS he is seeking. Snyder was disappointed by the early bids, one FOS source confirmed. 

FOS reported that the highest bid when the first round of bidding closed in December was $6.3 billion. 

But it’s unclear who bid that amount and what the bid’s status is now. Just as bidders drop off during the due diligence process, bids are adjusted or withdrawn for several reasons, the leading typically being unable to come up with the cash needed to buy an NFL team. 

The NFL Constitution and Bylaws mandate that 30% of the purchase price for a team must be liquid. For example, if the team sells for $6 billion, the new owner must have $1.8 billion in cash when the sale is finalized. The rest can be financed, and/or co-owners can be added as part of an ownership group. 

Snyder Removal
exclusive

Dan Snyder Holding Out for $7B Bid for Washington Commanders

Mary Jo White probe into franchise is “wrapping up.”
February 8, 2023

The Washington Post reported last week that Allen & Co. is advising Bezos, and the fact he didn’t enter the early bidding wasn’t a surprise. With a net worth of $117 billion, he’d be the most straightforward route. 

That’s been recognized by those around the league, who one source said have encouraged Bezos and his representatives to remain engaged in the process. 

Josh Harris — the owner of the New Jersey Devils and Philadelphia 76ers —  and Houston Rockets owner Tilman Fertitta are also interested in the Commanders. 

The Washington Post reported on Saturday that Fertitta’s bid was for slightly more than $5.5 billion. Harris’ bid hasn’t been made public. 

Snyder is no fan of Bezos, who has owned The Washington Post for a decade as the outlet has run stories detailing the team’s toxic work culture that snowballed into several other investigations as Snyder’s grasp of the franchise was put at risk.

NFL Commissioner Roger Goodell testified before Congress as part of a probe by the House Oversight Committee that concluded in December. Then-Oversight Committee Chair Carolyn Maloney said in a statement that Snyder was “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,”

But an effort to remove Snyder as owner — something that has never been done and requires 24 owners to approve — was shelved when Snyder announced he was exploring a sale of the team. 

But the investigations haven’t gone away. An outside NFL investigation led by former SEC Chief Mary Jo White remains ongoing after over a year. 

Potentially, the most problematic active probe is the one led by the U.S. Attorney’s Office for Eastern Virginia. At least one subpoena was issued as part of that investigation into the Commanders over alleged financial irregularities. 

Dan Snyder
exclusive

Commanders Bidders Told Owner Dan Snyder to Sell Controlling Stake

Daniel Snyder is expected to sell at least 51 percent of team.
January 17, 2023

None of the investigations would hold up a sale and could make it more likely.

But Snyder not selling will rankle many NFL owners who have grown tired of the controversies, the team’s inability to make inroads toward a new stadium, and how far the team has fallen in stature since Snyder bought the franchise for $800 million in 1999. 

Ultimately, it may not be up to Snyder to decide the future of his franchise. For now, he has the chance to sell the Commanders for a worldwide record price for a sports franchise that comes with bragging rights and fewer headaches later. 

Linkedin
Whatsapp
Copy Link
Link Copied
Link Copied

What to Read

Rockies Coach’s Team Plane Cockpit Visit Triggers Federal Investigation

A since-deleted video shows him sitting in the cockpit mid-flight.

A’s Reach Deal to Leave Oakland for Sacramento After This Year

The A’s will play in a minor league park starting in 2025.

Ongoing NFL Network Cuts Hit On-Air Talent

The network also made cuts around the ‘Good Morning Football’ move to L.A.

LeBron James Explains Why Women’s March Madness Has More ‘Star Power’

James said Angel Reese and Caitlin Clark give women’s game ‘icons.’
podcast thumbnail mobile
Front Office Sports Today

Why Ian Rapoport Lives for the NFL Draft’s Chaos

0:00
0:00

Featured Today

Everything You Need To Know About the Legal Attempts To Kill the ACC

Four lawsuits involving the conference, Clemson, and FSU could determine the future.
April 20, 2024

A Bare-Knuckle Fighter Won His Pro Debut. The Far Right Scored a Marketing Win

With Proud Boys sponsoring him, experts say extremist groups will use his success to elevate their ideologies and recruit new believers.
April 7, 2024

Women’s Basketball Finally Has a TV Deal to Match the Excitement. Now What?

A lucrative new media-rights contract could rectify problems of the past, but the future of March Madness media rights is anyone’s guess.
Mar 16, 2024; Washington, D.C., USA; North Carolina State Wolfpack forward DJ Burns Jr. (30) cuts the net after defeating the North Carolina Tar Heels for the ACC Conference Championship at Capital One Arena.
April 6, 2024

How Two College Seniors Helped DJ Burns Cash In on a Final Four Run

Two college seniors are facilitating deals for NC State’s big man.

Careers

Powered By

Careers in Sports

Looking for a new job? Check out these featured listings and search for openings all over the world.
Live Nation
Multiple - USA Careers
Adidas
Multiple - USA Careers
FanDuel
Multiple - USA Careers

Memphis and FedEx Strike Unique Corporate NIL Deal For $25 Million

The logistics company has a long-standing relationship with the university.
April 18, 2024

Caitlin Clark ‘Nearing’ $20 Million-Plus Nike Deal: Report

Clark had an NIL deal with Nike at Iowa as well.
April 18, 2024

NBA Media Rights Likely Headed for Open Market Next Week

The league is reportedly letting Monday’s deadline pass without a deal.
Sponsored

Rapid Returns: How Technology Is Getting You Back to Your Seat

How Oracle’s POS technology is helping fans get back to their seats faster.
April 17, 2024

Even Joe Biden Is Surprised By Caitlin Clark Making $76K

The president posted Tuesday night about pay disparities in sports.
April 14, 2024

Salt Lake City About to Land NHL’s Coyotes (Minus Their Name)

Salt Lake City’s NHL franchise will have a new name.
Ken Goldin
April 10, 2024

Goldin Auctions Acquisition by eBay Sparks Showdown With Fanatics

The online giant acquires the prominent high-end sports memorabilia auction house.
April 10, 2024

WNBA Has New Commercial Partner: Over-the-Counter Birth Control

WNBA teams up with FDA-approved over-the-counter birth control.