NFL
RGIII Makes $400 Million Pledge to Buy Washington Commanders With 10 Fans
Tim Crean started writing about sports in 2016 and joined Sports7 in 2021. He excels with his versatile coverage of the NFL and soccer landscape, as well as his expertise breaking down sports media, which stems from his many years downloading podcasts before they were even cool and countless hours spent listening to Mike & The Mad Dog and The Dan Patrick Show, among other programs. As a longtime self-professed sports junkie who even played DII lacrosse at LeMoyne College in Syracuse, New York, Tim loves reading about all the latest sports news every day and considers it a dream to write about sports professionally. He's a lifelong Buffalo Bills fan from Western New York who mistakenly thought, back in the early '90s, that his team would be in the Super Bowl every year. He started following European soccer — with a Manchester City focus — in the early 2000s after spending far too much time playing FIFA. When he's not enjoying a round of golf or coaching youth soccer and flag football, Tim likes reading the work of Bill Simmons, Tony Kornheiser, Chuck Klosterman, and Tom Wolfe.
Get to know Tim Crean betterUpdated05 Nov 2022
This week, Washington Commanders fans finally got a hint of the news they've been waiting the better part of two decades for. Team owner Daniel Snyder reportedly contracted with Bank of America to explore selling (at least some of) the team.
As excited as all Washington fans were that the worst owner in North American professional sports may finally be willing to let their beloved team go, 10 fans could be even more excited as former Commanders quarterback Robert Griffin III announced he wants to buy a share of the franchise and will take 10 lucky fans with him on the ride. And best of all, RGIII says he has $400 million to back that up.
Daniel Snyder may be selling his team
On Wednesday, November 2, Forbes writer Mike Ozanian broke the news that the Washington Commanders' longtime owner Daniel Snyder “has retained BofA Securities to sell the Washington Commanders.”
Snyder, who bought the team in 1999, is under investigation by the NFL and the United States Congress for a wide range of alleged crimes, from sexual harassment and a hostile work environment to cooking the books to avoid splitting revenue with other NFL owners.
Whether he is looking to sell a minority ownership stake in the team or the whole franchise is unclear — Snyder says he's exploring all options — but under the current circumstances, selling the entire team seems most likely.
Whether Snyder sells a piece or the whole franchise, at least one former Washington player wants to be part of the new ownership group, and he's promising to bring 10 fans along for the ride.
RGIII wants to be part of a new Washington Commanders ownership group
In 2012, the Washington Commanders franchise drafted Baylor quarterback Robert Griffin III No. 2 overall (behind Andrew Luck) in the 2012 NFL Draft.
RGIII was a sensation out of the gates. In his rookie season, the QB threw for 3,200 yards and had 20 touchdown passes. He also ran for 815 yards and scored seven more TDs on the ground. That put him in the Pro Bowl, won him the Rookie of the Year Award, and helped the Commanders make the playoffs.
Unfortunately, Griffin injured his knee in the playoffs and never fully recovered to become the player he looked like he would as a rookie. After starting 15 games and going 9-6 in his first year, RGIII started just 27 more games in his career, going 7-20.
Now, the former Washington QB is a successful ESPN football analyst. Shortly after the news about Daniel Snyder potentially selling the team, RGIII tweeted, “Who wants to be a Minority owner of the Washington Commanders? I'm down to pay for a stake in the team and bring 10 fans along for the ride.”
To show how serious he was about this commitment, Griffin — who made $33.2 million during his career, per Spotrac — sent out another tweet that said, “Washington Minority Ownership Update Currently have $400 MILLION of funds.”
That's a grand gesture from RGIII, and seemingly, a lot of money to back up his desire to own a piece of the Commanders with a group of fans.
The only problem is, when Snyder does sell the team, Griffin's $400 million will only pay for about 6% of the final sale price.
Who will buy the Washington Commanders?
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Forbes estimates that the Washington Commanders franchise is currently worth around $5.6 billion. With the current trends in pro sports franchise ownership, that means Daniel Snyder will likely be able to sell the team for somewhere north of $6 billion.
Several ownership groups were in on the recent Denver Broncos sale and would likely make a bid for the Commanders as well. One is led by United Wholesale Mortgage CEO Mat Ishbia and his brother, Justin, who runs the private equity firm Shore Capital Partners.
Businessman, comedian, television producer, philanthropist, and billionaire CEO of Entertainment Studios, Byron Allen, will also reportedly throw his hat in the ring. Allen would become the first Black majority owner in the NFL if his bid is successful.
The problem for Allen and the Ishbia brothers is that a bigger fish is looking to buy an NFL team and already has business interests (the Washington Post) in the D.C. area.
Amazon's Jeff Bezos is reportedly considering buying the team in partnership with rapper Jay-Z. As one of the richest men in the world, Bezos could (conceivably) outbid any other suitor.
Have thoughts on this topic? Keep the conversation rolling in our comments section below.
