Report: Dan Snyder to become full owner of WFT
Dan Snyder will soon own 100 percent of the Washington Football Team, multiple outlets reported Wednesday.
The NFL is set to approve a waiver that will allow Snyder to receive a $450 million loan in order to purchase the remaining 40.5 percent of the team from minority investors at a price of $875 million, per the reports.
Granting of the waiver is subject to final approval by at least 24 team owners at their remote meetings scheduled for next week, according to the league.
“The annual league meeting is slated for Tuesday and Wednesday, at which time there would be a vote,” the NFL statement said.
The minority investors include FedEx CEO Frederick Smith, who pushed for the team to drop its controversial former name last year.
Snyder, 56, has been engaged in an ongoing legal battle with the minority shareholders that has brought to light allegations of sexual harassment and a toxic workplace environment. The team is currently under an independent investigation by attorney Beth Wilkinson.
Snyder purchased the team for $800 million in 1999. The franchise is now worth $3.5 billion and brings in roughly $500 million in annual revenue, according to Forbes.
–Field Level Media