Nothing about Daniel Snyder attempting to promote the Commanders is regular. Of course, any scenario that concerned Snyder giving up management of his soccer staff was going to be fraught with weirdness.
The most up-to-date stories middle on multi-billionaire Jeff Bezos, proprietor of Amazon and The Washington Post — and whether or not or not Snyder has blocked the world’s third-richest man from proudly owning his delight and pleasure. On Saturday a report from The Athletic, citing sources near the sale, saying that he was blocked from buying the staff “months ago,” with out a whole lot of concern from Bezos’ camp.
“It’s a free country, he can sell to whomever he wants,” the particular person briefed on the sale course of stated. Bezos, as a result of he’s barred from bidding, has not had entry to the staff’s funds.
This was countered by a report from Front Office Sports on Monday which stated Bezos has not been blocked from buying the staff. However, there’s rising concern amongst NFL house owners that Snyder is messin round and has no actual intention of promoting the Commanders.
“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.”
Toying round with Bezos is antithetical to truly promoting the staff. This needs to be a hand-meets-glove deal, which reliably ensures a sale goes by with a celebration that has zero funding issues, could be instantly permitted by NFL house owners, and strikes the staff to an individual with enterprise connections within the D.C. space. Of course, Snyder goes to make a easy course of as tough as attainable, however what’s his finish recreation right here?
No. 1: Snyder is attempting to drive up the worth of the Commanders
This looks as if the almost definitely state of affairs right here. The authentic asking worth for the Commanders was $6B, far above the $4.65B the Denver Broncos offered for in 2022. However, lately stories point out that Snyder is ready for a $7B provide to emerge. Granted, the staff is extra priceless than Denver was — but it surely’s nonetheless a vastly inflated worth.
Each yr Forbes ranks the worth of NFL groups, and the Commanders truly misplaced rating on this regard. To be honest, the staff continues to be value a unprecedented sum of money, evaluated at $5.6B, but it surely’s nonetheless off the $7B Snyder is searching for.
Considering the staff worth rose 80 p.c from 2016-2021 there’s an opportunity Snyder is banking on extra future progress — however even at a mean progress charge of 16 p.c year-over-year, the staff is not going to be value $7B till 2025 on the earliest. Snyder is asking for that cash now, with no assumed threat for slower progress, or league contraction.
At the top of the day $7B is tantamount to chump change for Bezos. Hell, it’s seven-times lower than Twitter price Elon Musk, and a much better enterprise funding. Faux exclusivity is an especially hamfisted gross sales tactic, but it surely’s fully possible Snyder believes that by blocking Bezos (assuming The Athletic’s sources are right) it’s going to result in extra curiosity, and thus a possible provide that ups the worth.
No. 2: Snyder has no intention of promoting the Commanders in any respect
This is the NFL’s concern, and it makes excellent sense. Obviously it’s in Snyder’s finest curiosity to get as a lot cash for his staff as attainable, and no person is denying him the appropriate to try this — however when it comes at the price of turning away the absolute best investor, it’s sufficient to boost eyebrows.
At finest Snyder is a reluctant vendor. Any transfer at this level is only out of stress from fellow house owners and the NFL itself. The group and Snyder himself has a laundry record of scandals and improprieties, a few of which as nonetheless ready to be heard in court docket, and there’s no boon to having him within the possession group at this level.
If Snyder units arbitrary, unrealistic targets, like getting $7B for his staff and never accepting any much less, then it will require an undisciplined investor who is ready to pay over market worth. It’s unclear who’s left in that regard.
So far potential affords for the Commanders have come from Josh Harris, proprietor of the Philadelphia 76ers, who’s reportedly provided $6.3B, and Tillman Fertita, proprietor of the Houston Rockets who’s believed to have provided “slightly above $5.5B” for the staff, however is seen as an out of doors likelihood.
It’s the Harris provide that’s complicated right here. Originally it was stated that Snyder wanting $6B, and right here’s a proposal that’s $300M over that — and nonetheless there’s been no motion on a sale. It’s fully possible Snyder is simply screwing round, hoping that initiating a gross sales course of would result in the NFL leaving him alongside, whereas planning on the again finish by no means to promote the staff.
No. 3: This is all pushed by pettiness
Never, ever underestimate Snyder’s skill to be petty as hell. The elephant within the room on the subject of a possible sale to Jeff Bezos is the snowball that began this avalanche within the course of.
In 2020 the Bezos-owner Washington Post wrote a ranging, investigative report into office harassment, malpractice, and impropriety contained in the Washington Commanders that laid out all the pieces that occurred within the group beneath Snyder’s watch. This led to a congressional listening to on the staff, which in flip put stress on the NFL to reply why Snyder was nonetheless an proprietor, resulting in the warmth being turned up on Snyder to promote the staff.
Obviously, the Post is an impartial entity, and it’s not like Bezos had his paper write the story to intrude with Snyder, but when anybody can discover an imaginary ax to grind within the NFL it’s Dan Snyder. There stays each risk that he has an enormous grudge towards the Washington Post, and Bezos by extension, which might lead him to viewing a sale to Bezos as “losing,” even when it meant turning down the very best provide.
Outside of driving the worth up, that is the one logical conclusion to why anybody would reject Bezos as a bidder. That there’s one thing past cash motivating Snyder, and this may be an apparent level of battle.
How does all this finish?
Realistically, all indicators are nonetheless pointing to Snyder promoting this staff. It’s all the time been a conceit challenge for him, albeit one which’s made him wealthier than his wildest goals. He bought the staff for $750M in 1999, so he’s already on tempo to make an 800 p.c return on his funding — however past that Snyder has all the time cherished viewing himself as a hero, even whereas being despised.
Over the final two years the narrative surrounding the Commanders has morphed. The staff is not so dangerous that they’re booed, however somewhat the boos are directed proper at Snyder. Try as he would possibly to disregard them, deep down he can’t, and it’s consuming him alive to see his staff be cherished, whereas he’s so reviled.
That ego is essentially the most urgent motive Snyder would stroll. To be clear, he nonetheless doesn’t need to — but it surely beats being torn aside by tens of 1000’s of individuals each week once you seem on a jumbotron.
Snyder would possibly suppose he’s taking part in 4D chess by attempting to drive up the worth of his staff, when in actuality he’s taking part in checkers. In the top he’ll promote, and whoever shopping for the Commanders can be proud of what they’re paying.