The head of Amazon.com (NASDAQ: AMZN) announced earlier this month he would step away from the CEO role of the company he founded. All eyes are on what could be next for Jeff Bezos and a report out Monday could point to the famed entrepreneur taking on the role of NFL owner.
What Happened: Bezos has explored taking an ownership position in the NFL’s Washington Football Team, according to Front Office Sports.
The current Amazon CEO is said to have held talks about buying a stake in the team, which plays in Washington D.C.
Three minority owners of the Washington Football Team hired Moag & Co, a Baltimore-based sports investment banking firm to explore a sale. Bezo’s attorney held talks with Moag & Co, according to the report.
Current Washington Football majority owner Dan Snyder has claimed an extortion campaign forcing him to sell the team is being wagered. Snyder blocked the sale of a stake in the team by existing owners using his right of first refusal.
FedEx (NYSE: FDX) CEO Fred Smith is among the owners of the Washington Football Team that are suing Snyder for blocking the sale.
Back in November of 2019, CBS Sports reported Bezos was interested in buying a team and said he “has strong support within the league to eventually join their ranks.”
Why It’s Important: Bezos has made several deals and purchases that point to Washington D.C. being a new key location for the notable entrepreneur.
Bezos purchased the Washington Post in 2013. Amazon’s second headquarters is in Arlington, Virginia, located near Washington D.C. Bezos also purchased a 27,000 square feet mansion in Washington D.C. in 2016 and spent $12 million to renovate the home.
The Washington Football Team is the eighth-most valuable NFL team, according to Forbes. The team is valued at $3.5 billion and has seen its value rise 8% on an annualized basis over the last several years.
The move into NFL team ownership comes as Amazon.com is pushing into sports streaming rights and is considered one of the companies that will make a play at NFL rights coming to market soon.
AMZN Price Action: Shares of Amazon were down 2% to $3,180.74 on Monday.
Photo credit: DoD by Senior Master Sgt. Adrian Cadiz (Released) [Public domain]
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