Dan Snyder Acquires the Remaining Stake in the Washington Football Team For $875M
It looks like the Washington Football Team (are they ever going to get a new name?), is going to be 100% owned by Dan Snyder any day now. Recently it reported that he was close to buying out the rest of the shares in his NFL franchise for $875 million. Of course, he will need approval from the other owners of NFL teams to take on the $450 million in debt required to buy the 40.5% of the team that he does not already own.
If approved, Snyder would have 100% control and ownership over the team.
Snyder will need three-fourths of approval of the owners of the 32 NFL teams. That means 24 owners would have to agree to the terms. The minority owners Snyder is trying to buy out include the CEO of FedEx, Frederick Smith, who was the main driver of the move to drop the Redskins name from the team.
