WFT owner Dan Snyder, in the 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
Dan Snyder, owner of the Washington Football Team, is close to buying his club’s minority shares for more than $ 800 million, according to the New York Times.
Snyder will seek approval from the owners of the National Football League to take on a debt of $ 450 million and buy the remaining 40.5% of the club’s shares for $ 875 million, the Times reported on Wednesday. The move would give Snyder full control of the WFT.
NFL owners are expected to vote on Snyder’s debt claim next week.
“The transaction is subject to the approval of three quarters of the total members – 24 out of 32 clubs,” the NFL said in a statement. “The league’s annual meeting is scheduled for Tuesday and Wednesday, when there will be a vote.”
Minority share owners include FedEx CEO Frederick Smith, who pressured the team to abandon its old name last year. Team sponsors, including Bank of America, Nike, Pepsi and FedEx, which owns the naming rights to the team’s stadium in Maryland, all came out against the previous team’s name. This prompted Snyder, 56, to change the name.
The issue was part of a difficult 2020 centered around alleged misconduct in the club’s workplace.
The team is currently under independent investigation by lawyer Beth Wilkinson, after a report last summer in The Washington Post, which alleged sexual harassment and mistreatment of female employees.
Jason Wright
Source: Washington Football Team
Snyder hired the first president of the black NFL team, Jason Wright, who replaced Bruce Allen. In an interview with CNBC last August, Wright said the team would repair its damaged image.
“I am happy that we are where we are now,” said Write. “I think we are in the right place.”
Last season, the WFT made the playoffs for the first time since 2015, dropping to eventual Super Bowl champion Tampa Bay Buccaneers in an NFC wildcard game.
Snyder took over the property when he bought the team for $ 800 million in 1999. The WFT is now worth $ 3.5 billion according to Forbes, which noted that the club brings in about $ 500 million in annual revenue.