The Dan Snyder Era May Have Devalued the Commanders, but He'll Still Cash In
When it comes to the pending sale of the Commanders, I have been consistent over the months of reports and rumors to say only, I’ll believe it when I see it. Owner Dan Snyder has held on to the team with a clenched grip; it has appeared as if it would take something truly extraordinary to extract his clinging hands. But alas, that appears to be happening.
Sarvered
Washington became Snyder’s identity and brought him the top-of-the-food chain status of owning the NFL team in the nation’s capital. And over the past 24 years, Snyder maintained that status despite repeated investigations into his personal and professional conduct, constant cries for him to sell, and near-universal scorn from fans, media and even NFL ownership colleagues.
Speaking of the NFL owners cohort, I have never thought they would try to remove Snyder through a vote—that would tie up the league in litigation for years and set a dangerous precedent for owner behavior down the road. But, as I have said repeatedly, I thought they could, and would, “Sarver” him, referencing the NBA game plan that removed former Suns owner Robert Sarver, who was disciplined for personal conduct very similar to what Snyder was disciplined for. NBA owners and executives (as well as star players in the league) let Sarver know it would be best for him to take the money and run. And he did. Now, it appears Snyder has received the same messages, and he appears to be letting go.
Although we still don’t have official word from Snyder, the Commanders, the NFL or the new ownership group, there is now too much smoke out there to not have this fire. The abdication of ownership from Snyder seems imminent.
Once a crown jewel
Washington, D.C., is my home. Much of my family still lives there. I grew up a diehard fan of the franchise, with some of my fondest childhood memories being games at RFK Stadium with my father and brother. Over decades, the team had sustained success and galvanized the D.C. area like no other institution. It was clearly a crown jewel franchise in the NFL. But that was then; this is now.
It has been sad to watch the franchise’s diminution in status over the past 24 years. Friends and family have constantly asked if and when Snyder could be removed. I would always tell them, Don’t hold your breath. To be fair, it is not only Snyder’s fault that the franchise has lost its respect, but his personal and professional actions have certainly added to the devaluation.
Quite the multiple
Despite such devaluation optics, Snyder will benefit handsomely from a staggering increase in monetary valuation. He bought the team for $800 million in 1999, and he is now reportedly selling the team for a staggering $6.05 billion. That is quite the multiple, and speaks to the power of the NFL and the scarcity of these assets. The Panthers sold for $2.2 billion in 2018; the Broncos sold for more than double that ($4.6 billion) in ’22. And now the Commanders will fetch 30% more than the Broncos. With decade-long favorable deals with both media and the players, the NFL is as secure an investment as any in sports.
In June of 2021, Snyder announced his wife Tanya as co-CEO of the Commanders.
Geoff Burke/USA TODAY Sports
The purported new principal owners (although we still don’t have confirmation) will keep the native Washingtonian theme. Private equity billionaire Josh Harris, who also owns the NBA’s Sixers and NHL’s Devils, is from the D.C. suburbs, as is partner Mitchell Rales. Magic Johnson, the star power of the ownership group, is not a Washington native (but he’s Magic Johnson).
As for Jeff Bezos—to Bezos or not to Bezos—I don’t see why he would “need” an NFL team. He (Amazon) owns Thursday Night Football and thereby has a stake in every NFL team. Why pay $7 billion for one team when you showcase all 32 teams on a weekly basis for $10 billion over 11 years?
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Sad, but not too sad
At some point soon, Snyder will have a staggering sum transferred to his bank account and he, his kids, his grandkids and great-grandkids will never have to work a day in their lives. But he will have lost the identity he clung to for the past 24 years, existing as just another megawealthy guy and no longer carrying the entry card of being his hometown team’s owner.
I know I have been critical of Snyder, as so many have over the years. But with this sale, I feel sad for him. Not too sad, but a little sad.
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