WFT owner Dan Snyder, center, before a game between the Washington soccer team and the New York Giants at FedEx Field in Landover, MD on November 8, 2020.
John McDonnell | The Washington Post | fake images
Washington Football Team owner Dan Snyder 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 assume a debt of $ 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 full control of the WFT.
NFL owners are scheduled to vote on Snyder’s debt application next week.
“The transaction is subject to the approval of three-quarters of the total membership, 24 of 32 clubs,” the NFL said in a statement. “The league’s annual meeting is scheduled for Tuesday and Wednesday, at which time there will be a vote.”
The owners of the minority shares include FedEx CEO Frederick Smith, who lobbied for the team to ditch its previous name last year. The team’s sponsors, including Bank of America, Nike, Pepsi and FedEx, which owns the naming rights to the team’s home stadium in Maryland, objected to the previous team’s name. He prompted Snyder, 56, to change the name.
The issue was part of a shaky 2020 centered on alleged club workplace misconduct.
The team is currently under an independent investigation from attorney Beth Wilkinson after a report last summer in The Washington Post, alleging sexual harassment and mistreatment of female employees.
Source: Washington Soccer Team
Snyder hired the first president of the NFL black team in Jason Wright, who replaced Bruce Allen. In an interview with CNBC last August, Wright said the team would repair his damaged image.
“I’m glad we are where we are now,” Write said. “I think we are in the right place.”
Last season, the WFT made the playoffs for the first time since 2015, falling to eventual Super Bowl champion Tampa Bay Buccaneers in an NFC wild-card game.
Snyder took over ownership when he bought the team for $ 800 million in 1999. The WFT is now worth $ 3.5 billion according to Forbes, who noted that the club generates roughly $ 500 million in annual revenue.