Dan Snyder Hires Bank to Explore Sale of Washington Commanders Club
Washington, D.C. – Washington Commanders Club (WCC), a historic member-owned, D.C. landmark, announced on Monday, July 14, that it had hired a national investment bank to explore options for what it calls a “strategic seller” to explore a sale of the club, in which it owns nearly 100 percent (more than $6.5 million).
“We are committed to preserving the property, and have the utmost respect for the WCC, a public benefit enterprise, but for the moment it’s not in our interests to do anything to jeopardize its future,” said Chris McManus, WCC’s chairman. “The club recently reached a private settlement with the District of Columbia that it can no longer use its building. While the club has moved most of its remaining business to its new headquarters in Washington, it has kept the entire WCC building intact and is continuing to make it available to the District for use as a public open space. In light of these realities, it is in the best interests of the club to explore sale of the WCC building to a developer for a variety of purposes.”
As part of the club’s strategic thinking, McManus said the club was exploring options that are in the interest of both members and the community. He said the club was exploring various steps for an eventual sale of the building.
“We are excited about the possibilities and the challenges of exploring options for a potential sale,” McManus said. “This is a long term commitment that will be examined as part of our exploration and discussion of options.”
As part of the club’s strategic planning, McManus said, the club was exploring the possibility of bringing an active non-profit operator as part of a potential sale of the property.
“We are exploring options for a nonprofit operator, but want to make sure that we have considered everything,” McManus said. “In addition to the capital cost, we also are looking at what that nonprofit operator would have to do to maximize the value of the building and keep it in a public trust for the District.”
