Jeff Bezos still has his eye set on purchasing the Washington Commanders, and although the billionaire tech mogul is still in the running, owner Dan Snyder may decide not to sell, A.J. Perez of Front Office Sports reported on Monday.
Although Bezos isn’t out of the race, Snyder is taking his time to make a decision on the sale, and owners are becoming “concerned that Snyder may opt to keep the team,” per Perez.
Two sources told FOS that although Bezos remains in the mix to buy the team, news that Snyder wouldn’t sell to Bezos is simply a ploy to get a higher bid from the Amazon founder.
The sale process is now 117 days old, per Perez, and Snyder and Bank of America — the firm facilitating the sale — have narrowed down the bidding list in recent days.
Snyder has reportedly been disappointed by the early bids, with none coming close to the $7 billion figure he was hoping for. The highest bid when the first round of bidding closed in December was $6.3 billion.
“The NFL Constitution and Bylaws mandate that 30 percent of the purchase price for a team must be liquid. For example, if the team sells for $6 billion, the new owner must have $1.8 billion in cash when the sale is finalized. The rest can be financed, and/or co-owners can be added as part of an ownership group,” Perez writes.
Sources have encouraged Bezos and his advisers Allen & Co. to remain engaged in the process, as it seems his $117 billion net worth could certainly handle the $7 billion Snyder wants.
What’s potentially most interesting is the fact that Dan Snyder “is no fan of Jeff Bezos,” especially as The Washington Post (owned by Bezos) has run multiple stories detailing the Washington Commanders’ toxic work culture and led to investigations into Snyder’s ability to run the team.
It seems Bezos could offer the highest amount for the franchise, but whether Snyder will eventually submit to his bid is still unclear.