It appears that Dan Snyder will soon buy the Washington Football Team in its entirety (will they ever get a new name?). According to recent reports, he was on the verge of paying $875 million to acquire the remaining shares in his NFL franchise. Of course, in order to take on the $450 million in debt necessary to purchase the 40.5 percent of the team that he does not already own, he will need the consent of the other NFL team owners.
The owners of the 32 NFL teams must vote with three-fourths of them in favor of Snyder. Therefore, 24 owners would need to approve the terms. Frederick Smith, the CEO of FedEx, is one of the minority owners Snyder is attempting to buy out. Smith was the key proponent of the decision to rebrand the team as the Washington Redskins.
In 1989, Snyder and his sister established Snyder Communications as an advertising firm. They expanded the business to all aspects of outsourced marketing, proprietary product sampling, sponsored information displays, call centers, field sales, and telemarketing.
For $2.5 billion, Snyder sold the business to the French corporation Havas in 2000.
That transaction was the most costly in sports history at the time. Today the franchise brings in around $500 million in annual revenue and is worth $3.5 billion.
Getty Images/Patrick McDermott
The owners have been engaged in a contentious dispute over the attempted sale of their share for a number of months. Two days later, Snyder filed a declaration in which he claimed that minority owner Dwight Schar had been trying to “smear” him in order to gain advantage in this commercial conflict. Snyder further charged Schar with leaking material to the Washington Post via a former assistant of his. Snyder made sure to point out that “no evidence of wrongdoing was found after an investigation by a well-respected law firm” into the allegations of sexual misconduct against him.
The Washington Football Team qualified for the playoffs in 2020–21 for the first time since the 2015 campaign. They lost the NFC wildcard game to Tom Brady’s Tampa Bay Buccaneers, who, of course, went on to win this year’s Super Bowl.