In somewhat surprising news, team owner Dan Snyder now has sole proprietorship of the organization. This was shared in a breaking report by the New York Times this morning.
This change in power marks a breathtaking year and a half for the Silver Spring, Maryland native. Snyder, who prior to this held nearly a 60% stake of the team with his mother and sister, now has bought the remaining 40% from his minority owners.
He is set to purchase these shares for a staggering $875 Million dollars from real estate developer Dwight Schar, asset manager Robert Rothman and Chairman of Fedex Corporation Frederick Smith.
The three minority owners had looked to sell their stakes of the team to outside sources, but Snyder had blocked them. They also sought a price tag of $900 million, yet the negotiated deal is close enough to end the tumultuous relationship among the four millionaires. What was once an amicable partnership, ended with corporate pressure for Snyder to change the team name, and even a court case currently in session.
Snyder is now the primary leader of the organization, and holds power for the foreseeable future. In a year where the Football Team name lost its moniker, and was swarmed with accusations of lewd misconduct at the workplace, many had wondered if this would be the nail in the coffin for Snyder ownership. Some had hypothesized that he would be forced to sell with the impending Beth Wilkinson audit of workplace behavior. However, this proves to be the contrary.
As opposed to league officers and owners showing disdain for Snyder, or even threatening his removal, NFL owners have agreed in principle to waive a debt clause that limits the loan amount take in name by an owner. Almost a wave of confidence or support.
Snyder will now seek approval from National Football League owners to take on $450 million in debt to buy the remaining 40.5% of the club’s shares for $875 million, the New York Times said. The move would give Snyder complete control of the team
NFL owners are scheduled to vote on Snyder’s debt request next week. Yet, this appears to be merely a formality.
“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.”
This would give Snyder complete control of the team, and a “Long Live the King” mentality as coined by Kevin Sheehan on his podcast this afternoon. A feat that was unthinkable even 24 hours ago.
Snyder has owned the team since 1999 when he purchased the Redskins for $800 million. The team is now worth $3.5 billion, according to Forbes, which noted the club brings in roughly $500 million in annual revenue.
The net worth of the organization will only go up, when increased TV revenue comes in during the 2023 season.