Remember when there was talk about the minority owners of the Washington Football Team putting the squeeze on Daniel Snyder? Well, the tables have turned. The NFL finance committee has allowed Daniel Snyder to buy out the minority owners to have almost complete control of the franchise.
The reason I’m saying “allowed” is because Daniel Snyder submitted an application for a $450 million debt waiver, which the NFL finance committee has approved. Now, the NFL owners will have a say in the matter through a vote. Snyder will need 24 of the 32 owners to approve this transaction.
If this deal is approved by the other owners, Snyder will be purchasing another 40.5% of the share in the organization from minority owners Fred Smith, Dwight Schar, and Robert Rothman. They all purchased their shares back in 2003.
According to the New York Times, the total amount of the deal for the remaining shares would be $875 million. Snyder will have to repay the debt by 2028. According to a Washington Post report in November, a group of investors offered the minority owners $900 million for their shares but Snyder blocked the move.
There has been quite a battle between Snyder and the minority owners, with it came into the public eye in the summer and continued into the winter. There were numerous court filings with both sides accusing each other of bad-faith dealings and spreading misinformation.
The Washington Football Team is also in the process of a major rebrand, and culture change. They still need to look for their next mascot, although I think the Washington Football Team is a brilliant marketing move that requires a new mascot to be found. The team hired Jason Wright as the first Black team president and brought in head coach Ron Rivera, who led the team to an NFC East Championship and a narrow defeat against the eventual Super Bowl Champion Tampa Bay Buccaneers.