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 | Washington Post | Getty 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 the approval of the owners of the National Football League to take over $ 450 million in debt to buy the remaining 40.5% of the club’s shares for $ 875 million, the Times reported on Wednesday. The move would give Snyder complete control over the WFT.
NFL owners are scheduled to vote on Snyder’s claim next week.
“The transaction is subject to three-quarters approval of full membership – 24 of 32 clubs,” the NFL said in a statement. “The league’s annual meeting is scheduled for Tuesday and Wednesday, when a vote will take place.”
Among the owners of the minority shares is FedEx CEO Frederick Smith, who pressured the team to give up its former name last year. The team’s sponsors, including Bank of America, Nike, Pepsi and FedEx, which owns the naming rights for the Maryland team’s home stadium, have spoken out against the team’s previous name. He made Snyder, 56, change his name.
The issue was part of a rocky 2020, centered on alleged misconduct at the club’s workplace.
The team is currently the subject of an independent investigation by attorney Beth Wilkinson after a report last summer in The Washington Post alleging sexual harassment and mistreatment of female employees.
Jason Wright
Source: Washington football team
Snyder hired Jason Wright as the first president of the NFL Black team, replacing Bruce Allen. In an interview with CNBC in August last year, 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, WFT made the playoffs for the first time since 2015, falling to eventual Tampa Bay Buccaneers Super Bowl champion in an NFC metacharacteristic game.
Snyder took over the ownership when he bought the team for $ 800 million in 1999. WFT is now worth $ 3.5 billion, according to Forbes, which noted that the club brings in annual revenue of about $ 500 million.