The fight between Washington Football Team majority owner Dan Snyder, and three minority owners (Fred Smith, Dwight Schar, and Robert Rothman) could finally be ending soon. The dispute has turned very bitter, especially between Snyder and Schar, and there have been multiple lawsuits filed between the two billionaires in the US and abroad. The minority owners have been trying to sell their shares as a block, and reportedly had buyers lined up earler. Exercising his right of first refusal, Snyder said he would buy the shares of Smith and Rothman, but not Schar’s.
Separately, There has also been speculation that Amazon founder Jeff Bezos may have had interest in buying the team as he looks to become an NFL owner.
The NFL began arbitration to settle the dispute between Snyder and his minority partners, and to keep more dirty laundry from airing publicly.
This story is also intertwined with the ongoing investigation into Dan Snyder and accusations of sexual harassment in the workplace. Lawyer Beth Wilkinson has been running it for the league after initially being hired by Snyder. Her report is expected soon, but the New York Times says that Snyder will only be paying a fine as a result.
The NFL finance committee has already approved a deal that would see Snyder buy out the 40.5% stake owned by the three minority owners.
There have been two reports on the price that Snyder will pay ($950 million and $875 million). This still requires approval from the full group of owners. The owners meeting is scheduled for next week, and they will vote on the pending sale. Snyder needs two thirds of his fellow owners to approve his consolidation of power.
Go Long news this AM: Washington Football Team majority owner Dan Snyder is buying out the minority owners’ 40.5 percent stake in the team. Snyder requested a debt waiver for 450 million to fund the deal. The deal has been approved by the NFL finance committee.— Tyler Dunne (@TyDunne) March 24, 2021
Per source, Daniel Snyder's purchase of the minority interests in his team does not end his defamation lawsuit pending in India; however, he has waived as part of the purchase any claims against his soon-to-be former partners.— ProFootballTalk (@ProFootballTalk) March 24, 2021
Per source, the Washington limited partners are getting in the ballpark of $950 million for roughly 40 percent of the team. That's a total valuation of just under $2.4 billion. The minority shares have less value because they have no voting rights and no path to control.— ProFootballTalk (@ProFootballTalk) March 24, 2021