Topline
Billionaire Jeff Bezos does not plan to place a bid to buy the Washington Commanders, according to multiple reports, ending months of mounting speculation the self-described football fan and world’s third-richest person would join the ranks of NFL owners.
Amazon founder Jeff Bezos addresses the audience during a keynote session at the Amazon Re:MARS … [+]
Key Facts
It’s unclear why Bezos, who tapped New York-based investment firm Allen & Company to explore a bid, decided against attempting to purchase the team.
Commanders team owner Dan Snyder reportedly tried to stymie a potential Bezos acquisition out of personal animus against Bezos for unflattering articles that appeared in the Washington Post, which Bezos owns—Snyder has denied the allegations.
Key Background
Snyder put the Commanders up for sale in the fall following years of mounting pressure to sell the team over a series of scandals. A 2020 Washington Post exposé outlined rampant allegations of sexual misconduct by team executives—though not Snyder himself—with a subsequent NFL investigation leading to a $10 million against the team for the misconduct. The NFL opened another investigation last year after sexual harassment claims surfaced against Snyder. The sexual misconduct allegations prompted a congressional investigation into the Commanders and the NFL’s handling of the situation, which uncovered apparently unrelated financial malfeasance in August. Records showed the Commanders appeared to cheat thousands of season ticket holders out of their money by failing to return security deposits on their seats, while also operating “two sets of books” to reduce the amount it owed other teams as part of the league’s revenue-sharing plan. The D.C. attorney general’s office said Monday the team agreed to pay $625,000 to settle a lawsuit over failing to return the security deposits.
Forbes Valuation
We estimate Bezos’s net worth at $120.9 billion, in large part because of a nearly 10% stake he owns in Amazon, which he founded.
Tangent
The most recent billionaire to enter the club of NFL owners is Walmart heir Rob Walton, who led a group that bought the Denver Broncos for $4.7 billion last year—the priciest sale of a North American sports team in history. Walton is worth $61.5 billion, according to Forbes’ estimates.
Further Reading
Dan Snyder Hires Bank Of America To Sell Washington Commanders (Forbes)
Washington Commanders Withheld Millions From Season Ticket Holders And Other NFL Teams, House Committee Claims (Forbes)
Source: https://www.forbes.com/sites/nicholasreimann/2023/04/12/jeff-bezos-wont-bid-on-washington-commanders-after-months-of-speculation/