NFL team owners have approved a plan for Dan Snyder to buy out the Washington Football Team’s minority owners, placing the team solely in his and his family’s control for the first time since he purchased it with co-investors in 1999.
According to reports in ESPN and The Washington Post, Snyder will buy out NVR Inc. Chairman Dwight Schar, FedEx Chairman and CEO Fred Smith and Black Diamond Capital CEO Robert Rothman for $875 million, giving him their combined 40% stake in the franchise.
The NFL owners also approved a $450 million debt waiver to allow Snyder to execute the transaction, something that was required to allow the deal to move forward, Sports Business Daily, Washington Business Journal’s sister publication, reported March 24. The debt would be due in 2028, according to ESPN.
