The NFL's finance committee approved Dan Snyder's request for full control of the franchise to acquire 40.5% of the shares.
The majority owner of the Washington Football Team, Dan Snyder, will gain near-total control of the franchise after the NFL Finance Committee cleared the way for him to acquire the participation of his minority investors.
The committee approved Snyder's request for a waiver of $ 450 million in debt, an NFL spokesperson confirmed. Next week, the other NFL owners will vote at the league's annual meeting on whether to approve the deal. Snyder needs 24 of the owners' 32 votes in favor of the transaction.
The move does not impact the independent investigation being conducted into the franchise by attorney Beth Wilkinson. The investigation began with a series of articles published by the Washington Post detailing accusations of sexual harassment by former employees over the past 15 years. No report has been made to the league.
If the deal is approved, Snyder will acquire another 40.5 percent stake from minority owners Fred Smith, Robert Rothman, and Dwight Schar. They had bought his stake in 2003. Snyder's mother, Arlette, holding 6.5 percent, and his sister, Michele, another 12.55 percent, and currently, Snyder owns 40.59 percent of the team.
According to a report by The New York Times, the total for the remaining stock deal would be about $ 875 million. Snyder will have to pay debts by 2028. The Washington Post reported in November that a group of investors had given minority owners 900 million in shares, but Snyder blocked the deal.
The battle between the minority owners and Snyder came into the public eye this summer, continuing through the winter, with numerous legal actions brought by the parties accusing them of negotiating in bad faith and leaking false information.
Washington is also amid a rebranding, having decided to withdraw its previous name last summer. A new name or logo has not yet been announced, but there will be a permanent one for the 2022 season. The club will continue as the Washington Football Team for next season.
Soon after the publication of the post articles, the organization started working to improve its culture. Among other moves, she hired Jason Wright as the first African-American president of an NFL team. Julie Donaldson was the vice president of a league team's radio broadcasts and the first woman to be part of the media.
Snyder could not be attained for comment a public relations firm describing.