Washington Football Team majority owner Dan Snyder has an agreement to buy out three minority owners to give him full equity in the NFL franchise, according to NFL insider Tyler Dunne.
Snyder requested a $450 million debt waiver to fund the deal, which has been approved by the NFL finance committee. The league is expected to officially approve the transaction later this month during the next owners meeting.
Since last year, FedEx founder Fred Smith and investors Robert Rothman and Dwight Schar had been looking to sell their 40.5% stake into the Washington Football Team. The trio hired a Baltimore-based investment firm Moag and Co., to funnel the sale. However, Snyder blocked a $900 million sale the minority owners had in place.
The NFL intervened to mediate an ongoing squabble between Snyder and the minority owners. Meanwhile, Dan Snyder has faced criticism reports of a toxic workplace culture. More than a dozen women have alleged sexual harassment and misconduct within the franchise. Multiple executives have resigned, been fired or retire amid the accusations.
The Washington Football Team has underwent an organizational makeshift. That’s included dropping their former name and logo last year after an outcry from many Indigenous groups that considered the name racist. Over the last year, Washington has hired Ron Rivera as head coach, Jason Wright as team president, Martin Mayhew as General Manager, and a host of other executives.
Earlier this month, the team dropped its cheerleaders program amid accusations of sexual harassment and misconduct. Following a settlement with a number of former cheerleaders, the team created a co-ed dance team to replace the cheerleading program.
