The unnamed team’s owner is looking to own a little more of it.
With the problems surrounding its former name and an ongoing investigation into sexual harassment allegations of its top brass, the still-unnamed Washington Football Team has had a bit of a rough go of things in the last year. It is for this reason that the team’s owner, Dan Snyder, want to exert a little more direct control of things in order to aid with their stabilization, though to do that, he’ll need to go through the team’s various minority owners. So… that’s what he’s gonna do!
According to a report from The New York Times, Snyder is in the process of seeking approval from the NFL to take on a debt of $450 million that, combined with his own funds, will be used to purchase all minority shares in the Washington Football Team from their current owners. This sizable transaction would run Snyder approximately $875 million in total, though for that price he would receive the other 40.5% of the team’s total shares, granting him near-complete control over it.
“The transaction is subject to three-fourths approval of full membership-24 of 32 clubs,” the NFL said in a statement. “The annual league meeting is slated for Tuesday and Wednesday, at which time there would be a vote.”
Washington owner Dan Snyder is buying out the minority owners’ 40.5% stake in the team, per @TyDunne. Snyder requested a debt waiver for $450M to fund the deal, and the deal has been approved by the NFL finance committee. Expected to become official next week.
— NFL Update (@MySportsUpdate) March 24, 2021
The minority owners of the Washington Football Team include many notable companies and brands, including FedEx, Bank of America, Nike, and Pepsi. These companies were instrumental in Snyder’s previous decision to rename the team to its current placeholder title.
Along with his prospective purchase of the shares, Snyder has taken multiple steps in an effort to improve the team’s currently less-than-stellar public image. One of these steps was the hiring of Jason Wright back in August as the team’s new president, the very first Black team president in NFL history.
“I’m glad we are where we are now,” Wright said at the time. “I think we’re in the right spot.”