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WFT owner Dan Snyder, center, before a game between the Washington soccer 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 set to buy his club’s minority shares for more than $ 800 million, The New York Times reported on Wednesday.
Snyder will seek approval from National Football League owners to take on $ 450 million in debt to buy the remaining 40.5% of the club’s stock for $ 875 million, the Times said. This move would give Snyder full control of the team.
NFL owners are expected to vote on Snyder’s debt request next week.
“The transaction is subject to the approval of three-quarters of the full members – 24 of 32 clubs,” the NFL said in a statement. “The league’s annual meeting is scheduled for Tuesday and Wednesday, when there would be a vote.”
Owners of the minority shares include FedEx CEO Frederick Smith, who pushed the team to drop its old name last year. The team’s sponsors including Bank of America, Nike, Pepsi and FedEx – which owns the naming rights to the team’s stadium in Maryland – objected to the name of the previous team. This prompted Snyder, 56, to change his name.
The question was part of a stormy 2020 centered on an alleged misconduct at the club’s workplace.
The team is being independently investigated by lawyer Beth Wilkinson after a report published in the Washington Post last summer into allegations of sexual harassment and mistreatment of female employees.
Jason wright
Source: Washington Football Team
Snyder hired the first president of the black NFL team, Jason Wright, to replace Bruce Allen. In an interview with CNBC last August, Wright said the team would repair its damaged image.
“I’m glad we’re where we are now,” Wright said. “I think we’ve come to the right place.”
The team made the playoffs for the first time since 2015 last season, falling to eventual Super Bowl champion Tampa Bay Buccaneers in an NFC wildcard game.
Snyder took over ownership when he bought the team for $ 800 million in 1999. The team is now worth $ 3.5 billion, according to Forbes, who noted that the club brings in around $ 500 million in revenue. annual.
Read more about Snyder’s decision to take control of the team in the New York Times report.
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