WFT owner Dan Snyder, center, for 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 about to buy his club’s minority stakes for more than $ 800 million, according to the New York Times.
Snyder will seek approval from the owners of the National Football League to take over $ 450 million in debt to buy the remaining 40.5% of the club’s stock for $ 875 million, the Times reported on Wednesday. The move would give Snyder full control over WFT.
NFL owners will vote on Snyder’s debt request next week.
“The transaction is subject to three-quarters approval of full membership of 24 of the 32 clubs,” the NFL said in a statement. “The annual competition meeting is scheduled for Tuesday and Wednesday, when there will be a vote.”
Owners of the minority shares include FedEx CEO Frederick Smith, who last year pushed for the team to drop its former name. Team sponsors, including Bank of America, Nike, Pepsi and FedEx, which owns the naming rights to the team’s home stadium in Maryland, all rebelled against the previous team name. It prompted Snyder, 56, to change the name.
The issue was part of a rocky 2020 around alleged misconduct in the club’s workplace.
The team is currently under an independent investigation by attorney Beth Wilkinson following a report last summer in The Washington Post alleging sexual harassment and assault of female employees.
Jason Wright
Source: Washington Football Team
Snyder hired Jason Wright, the NFL’s first Black Team president, to replace Bruce Allen. In an interview with CNBC last August, Wright said the team would restore its damaged image.
“I’m glad we’re where we are now,” said Write. “I think we’re in the right place.”
Last season, the WFT made the playoffs for the first time since 2015, falling in an NFC wildcard game against eventual Super Bowl champion Tampa Bay Buccaneers.
Snyder took over ownership when he bought the team for $ 800 million in 1999. The WFT is now worth $ 3.5 billion according to Forbes, who noted that the club brings in approximately $ 500 million in annual revenue.