WFT owner Dan Snyder, 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
Washington Football Team owner Dan Snyder is on the verge of buying his club’s minority stake for more than $ 800 million, the New York Times reported on Wednesday.
Snyder will seek approval from the National Football League owners to borrow $ 450 million to buy the remaining 40.5% of the club’s shares for $ 875 million, the Times said. The move would give Snyder complete control of the team.
NFL owners are due to vote on Snyder’s debt application next week.
“The transaction is subject to three-quarters approval for full membership of 24 of 32 clubs,” the NFL said in a statement. “The annual league meeting is scheduled for Tuesday and Wednesday. A vote would take place at that time.”
The minority owners include FedEx CEO Frederick Smith, who urged the team to drop its previous name last year. Team sponsors, including Bank of America, Nike, Pepsi, and FedEx, who own the naming rights for the team’s home stadium in Maryland, have opposed the previous team name. This prompted 56-year-old Snyder to change the name.
The topic was part of a rocky 2020 that revolved around alleged misconduct in the club’s workplace.
The team is under an independent investigation by attorney Beth Wilkinson, following a report in the Washington Post last summer for the sexual harassment and mistreatment of female employees.
Jason Wright
Source: Washington Football Team
Snyder hired the NFL’s first black team president, Jason Wright, to replace Bruce Allen. In an interview with CNBC last August, Wright said the team would fix its damaged image.
“I’m glad we are where we are now,” Wright said. “I think we are in the right place.”
The team played the playoffs for the first time since 2015 last season and fell to eventual Super Bowl champions Tampa Bay Buccaneers in an NFC wildcard game.
Snyder took ownership when he bought the team for $ 800 million in 1999. According to Forbes, the team is now worth $ 3.5 billion. The club has annual sales of around $ 500 million.
Read more about Snyder’s attempt to take control of the team in the New York Times report.