Minority owners of the Washington D.C. NFL team want out of their business relationship with Dan Snyder, Pro Football Talk, and the Washington Post reported Sunday.
Per the Post, three minority partners want out “in large part because they are ‘not happy being a partner’” with Snyder.
The Post says that the trio, who purchased their equity in 2003, owns roughly 40% of the team. Past reports have suggested that (Dwight) Schar and (Robert) Rothman own 15% each, and that (Fred) Smith has 5%.
Per the Post, the owners have hired an investment banking firm to conduct the search for buyers. It’s our understanding that, as to Smith and Schar, efforts to find a buyer have been ongoing but unsuccessful.
Earlier, PFT reported Smith, whose FedEx company has naming rights to the Stadium the team plays in and wants the nickname changed, is unhappy with Snyder.
Per PFT:
Thursday’s statement from FedEx, the company founded by Washington minority partner Fred Smith, opposing the name of the team stunned many around the league. However, the public assault on a name that Washington owner Daniel Snyder had said would never change wasn’t the result of an epiphany for Smith. Per a source with knowledge of the situation, Smith had been trying to get Snyder to change the name for “years.”
Smith’s dissatisfaction with the name and other issues already had brought Smith to a point where he, along with fellow minority owner Dwight Schar, had actively been trying to sell their pieces of the team. However, both have to date been unable to find a buyer.
The fact the minority owners can’t find a suitable buyer could turn the tables on Snyder. What if someone or someones are willing to take the major stake in Washington’s team from the controversial and stubborn Snyder. Would he consider selling?
Or would he remain stubborn and obstinate as he has through the years when the issue of changing the team’s nickname has been raised?
The Post added:
Any sale of the ownership stakes of Daniel Snyder's minority partners would be vetted by the NFL finance committee and would have to be ratified by the owners of the league's other teams. Snyder's only other known ownership partners are members of his family.
— MarkMaske (@MarkMaske) July 5, 2020