Washington Football Team majority owner Dan Snyder has agreed to buy the shares owned by the team’s limited partners, a league spokesman said. ending a boardroom fight within an NFL franchise that has been embroiled in controversy on numerous fronts.
The minority owners – FedEx Corp. CEO Fred Smith, Black Diamond Capital chairman, Robert Rothman, and Dwight Schar, NVR Inc. chairman of the board – had been trying to sell their stakes in the team, for a time. approximate value of 40% of the club, but instead, the process produced a shootout between the parties.
The limited partners had taken Snyder to arbitration, claiming he had violated their shareholders agreement, and the dispute grew increasingly nasty over the months. After he was brought to court, Snyder’s lawyers accused the minority owners of trying to force Snyder to sell the equipment and of engaging in a smear campaign against him when he refused.
The sale, which was first reported by golongtd.com and yet to be approved by the owners at an upcoming meeting, it will give Snyder and his family full control of the franchise he first bought in 1999.
A spokeswoman for the team declined to comment on the sale. An NFL spokesperson said the league’s finance committee had approved a $ 450 million debt waiver to help ease the deal. The New York Times reported that the sale was for $ 875 million.