WASHINGTON (7News) — A media mogul is reportedly preparing a bid for the Washington Commanders, and if accepted, could result in a history-making deal for the National Football League.
Byron Allen, the founder, owner and CEO of Entertainment Studios, also known as the Allen Media Group, is working with an investor group, according to Kamaron Leach of Bloomberg.
If he follows through, the report says it will his second bid at NFL ownership this year and he would become the first Black NFL owner. Earlier this year, Allen placed a bid on Denver Broncos.
The news comes after Commanders' owners Dan and Tanya Snyder announced Wednesday that they have hired Bank of America to consider possible transactions.
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A spokesperson told 7News the team is looking at all possible options, including a complete sale of the team, or bringing on a minority owner.
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The Commanders are worth an estimated $5.6 billion, according to Forbes — a sevenfold increase over the then-record $800 million Snyder paid for the team in 1999. That ranks sixth among the league’s 32 teams and would be more than the $4.65 billion Walmart heir Rob Walton paid for the Denver Broncos earlier this year, The Associated Press said.
It was not immediately clear how soon a possible sale could happen. Sports business experts suggested a year as a reasonable timeframe, although pre-approved bidders who lost out on the Broncos provide a starting point of potential owners if they are also interested in the Commanders.
“It could move fairly fast,” said Lisa Delpy Neirotti, director of the master’s program in sports management at George Washington University.
League spokesperson Brian McCarthy said, “Any potential transaction would have to be presented to the NFL Finance Committee for review and require an affirmative vote by three-quarters of the full membership.” That means 24 of 32 owners.
In the statement announcing the decision, the Washington team said, “The Snyders remain committed to the team, all of its employees and its countless fans to putting the best product on the field and continuing the work to set the gold standard for workplaces in the NFL.”
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BofA Securities has handled other sales of professional sports teams, including Steve Ballmer buying the NBA's Los Angeles Clippers in 2014.
STEPHEN WHYNO AP Sports Writer contributed to this report.