Washington Football Team owner Dan Snyder to buy all minority shares for $875 million, report says
WFT owner Dan Snyder, center, before a game between the Washington Football Team and the New York Giants at FedEx Field in Landover, MD on November 8, 2020.
John McDonnell | The Washington Post | Getty Images
Washington Football Team owner Dan Snyder is on the verge of buying his club’s minority stake for more than $ 800 million, according to the New York Times.
Snyder will seek approval from the owners of the National Football League to borrow $ 450 million to buy the remaining 40.5% of the club’s shares for $ 875 million, the Times reported Wednesday. The move would give Snyder complete control of the WFT.
NFL owners are due to vote on Snyder’s debt application next week.
“The transaction is subject to three-quarters approval for full membership of 24 of 32 clubs,” the NFL said in a statement. “The annual league meeting is scheduled for Tuesday and Wednesday. A vote would take place at that time.”
The minority owners include FedEx CEO Frederick Smith, who urged the team to drop its previous name last year. Team sponsors, including Bank of America, Nike, Pepsi, and FedEx, who own the naming rights to the team’s home stadium in Maryland, have all opposed the previous team name. It prompted Snyder, 56, to change the name.
The topic was part of a rocky 2020 that revolved around alleged misconduct in the club’s workplace.
The team is currently under an independent investigation by attorney Beth Wilkinson following a report in the Washington Post last summer alleging sexual harassment and abuse of female employees.
Source: Washington Football Team
Snyder hired the NFL’s first black team president in Jason Wright, who replaced Bruce Allen. In an interview with CNBC last August, Wright said the team would fix its damaged image.
“I’m glad we’re where we are now,” said Write. “I think we are in the right place.”
Last season, the WFT played the playoffs for the first time since 2015 and fell to eventual Super Bowl champion Tampa Bay Buccaneers in an NFC wildcard game.
Snyder took ownership when he bought the team for $ 800 million in 1999. According to Forbes, the WFT is now worth $ 3.5 billion.