Washington DC - Dan and Tanya Snyder, the co-owners of the Washington Commanders, have announced they are exploring a sale of the NFL franchise.

Following a report by Forbes, the Commanders released a statement confirming ownership had hired BofA Securities to explore a potential sale.

The statement read: "Dan and Tanya Snyder and the Washington Commanders today announced that they have hired BofA Securities to consider potential transactions."

"The Snyders remain committed to the team, all of its employees and its countless fans to putting the best product on the field and continuing the work to set the gold standard for workplaces in the NFL."

It is unclear whether the Snyders are considering selling the entire team or a minority stake.

This decision follows comments from Indianapolis Colts owner Jim Irsay, who last month said there was "merit to removing" Dan Snyder as an owner.

Forcibly removing Snyder would require 24 votes from other owners.

Snyder is the subject of an investigation by the United States Congress concerning the franchise's workplace culture under his ownership.

The NFL is investigating Snyder following an allegation of sexual misconduct, while he is also being investigated by attorney generals in Washington DC and Virginia over alleged financial improprieties, which the franchise denies.

Irsay's remarks were met with a response from the Commanders, the team releasing a statement insisting the team would not be sold.

"The Commanders have made remarkable progress over the past two years," the statement read in part.

"We are confident that, when he has an opportunity to see the actual evidence in this case, Mr. Irsay will conclude that there is no reason for the Snyders to consider selling the franchise. And they won't."

It appears the Snyders have at least softened that stance, with the announcement perhaps signaling the end of their tenure.

Dan Snyder bought the Washington franchise in 1999 from the Jack Kent Cooke's estate. Since then, the franchise has reached the postseason just six times, winning only two playoff games.