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Bank hired by Daniel Snyder moves forward on sale process for Commanders
IRVING, Tex. — The investment bank hired by Washington Commanders owner Daniel Snyder is moving forward with the process for him to consider offers to purchase all or part of his franchise. Bank of America is poised to send what amounts to a prospectus for the team to qualified potential buyers who agree to the confidentiality provisions, according to two people with knowledge of the process.
While those materials likely will not specify whether Snyder intends to sell the entire franchise or a portion of it, four people familiar with the process said they believe a full sale is the most likely outcome. All spoke on the condition of anonymity because of the level of secrecy surrounding the deliberations.
One person expressed the belief that it no longer is feasible for Snyder to inform fellow NFL owners that he plans to keep control of the team and sell only a minority share. Any sale, whether it involves the entire team or a portion of it, must be approved by at least three-quarters of the other NFL team owners.