WFT owner Dan Snyder, central, 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 about to buy his club’s minority shares for more than $ 800 million, according to the New York Times.
Snyder will seek approval from National Football League owners to take on $ 450 million in debt 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 homeowners are expected to vote on Snyder’s debt application next week.
“The transaction is subject to the approval of three-quarters of all 24 members of 32 clubs,” the NFL said in a statement. “The league’s annual meeting is scheduled for Tuesday and Wednesday, at which time there would be voting.”
Among the owners of the minority shares is FedEx CEO Frederick Smith, who pushed the team to abandon 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, came out against the previous team’s name. He caused Snyder, 56, to change his name.
The problem was part of a rocky 2020 focused on alleged misconduct in the club’s workplace.
The team is currently undergoing an independent investigation by attorney Beth Wilkinson following a report last summer in the Washington Post that alleged sexual harassment and mistreatment of employed women.
Jason Wright
Source: Washington Football Team
Snyder hired the first president of the NFL black team to Jason Wright, who replaced Bruce Allen. In an interview with CNBC last August, Wright said the team would repair its damaged image.
“I’m glad we’re where we are now,” Write said. “I think we’re in the right place.”
Last season, the WFT made the playoffs for the first time since 2015, falling into the hands of eventual Super Bowl champion Tampa Bay Buccaneers in an NFC wildcard game.
Snyder took over the property when he bought the equipment for $ 800 million in 1999. The WFT is now worth $ 3.5 billion according to Forbes, which noted that the club contributes approximately $ 500 million in annual revenue.