The attorney general for the District of Columbia teased a “major announcement” regarding the Washington Commanders as the team faces an investigation over alleged financial improprieties.
The office of D.C. Attorney General Karl A. Racine set a news conference for Thursday but no other details were provided. Racine’s office launched an investigation into the team around the time the U.S. House Committee of Oversight and Reform referred its case, which began with workplace issues, to the Federal Trade Commission over potential fiduciary violations.
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The committee in April sent a letter to the FTC alleging the team engaged in potentially unlawful financial conduct and that there was evidence of deceptive business practices for more than 10 years, including withholding ticket revenue from visiting teams and refundable deposits from fans.
Washington denied withholding ticket revenue from other teams and a law firm representing the organization sent a letter to the FTC disputing the allegations.
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A week later, the Virginia attorney general’s office told the team it was opening an investigation into financial improprieties.
Dan and Tanya Snyder revealed last week they hired Bank of America to “consider potential transactions.” On Sunday, FOX’s Jay Glazer and the NFL Network indicated just how much the team could sell for.
Glazer said the deal would be to sell the entire stake, not just a percentage.
“It’s to sell the entire team,” Glazer said. “What I’m being told is, the asking price is gonna go for about $7 billion. The other interesting part is the timeline. This is not going to be a long, drawn-out process. I’m told the hope is to have this done within the next six months and actually have it finalized by the NFL owners meeting next March.”
The Associated Press contributed to this report.
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