Tag: Minority owners

Report: Dan Snyder attempts to block limited partners’ sale of Washington Football Team

A legal battle is brewing in Washington as Dan Snyder reportedly has attempted to block the sale of stakes in the team by limited partners.

The Washington Football Team is in the news for reasons other than football once again, this time with it having to do with team owner Dan Snyder reportedly trying to block the sale of stakes in the team from limited partners.

According to a report from the New York Times, three minority partners in Washington wish to sell their shares of the team, which consists of about 40% stake, but Snyder is holding up the sale, which has led to the partners asking for a federal judge to get involved.

“Such filings are rare in the opaque world of buying and selling N.F.L. teams,” wrote Ken Belson and Katherine Rosman. “Most ownership disputes are handled in-house by a league arbitrator, but by taking it to court, the minority shareholders are signaling the depth of the discord with the majority owner, Daniel Snyder.”

The three minority owners are Fred Smith, Robert Rothmann and Dwight Scharr, who have agreed to a $900 million price. Snyder, however, has offered to buy out Smith and Rothmann’s shares but doesn’t want to allow Scharr’s 15 percent sale to go through.

We’ve known of discord among owners for much of the summer now, with several partners and sponsors played a pivotal role in getting Snyder to move away from the team’s former name and mascot. It’s unclear what will happen next, but important for fans to know that there is a legal battle brewing behind the scenes in Washington.

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Report: Dan Snyder being pressured by minority owners to sell the team

It continues to be anything but smooth sailing in Washington, as minority owners continue to pressure Snyder into a sale of the team.

More news came out on Thursday that shows minority owners in Washington are pressuring team owner Dan Snyder to sell the football team, according to a report from the Wall Street Journal. 

Though several people are encouraging a sale, the report shows that Snyder has no intention of doing so.

“The stakes have attracted interest from a variety of potential buyers, but Mr. Snyder has been reluctant to give any of them the option to eventually buy control despite the attempt to oust him,” the Journal said. “That has prompted some would-be buyers to walk away.”

The development in the story may be new, but it is nothing we haven’t heard before when it comes to minority owners being fed up with Snyder, and that relationship fraying. Earlier this offseason, minority owners were said to be looking to sell their own shares before the team announced that they would be changing their long-controversial name and logo. And then, just weeks later, a Washington Post story alleged widespread sexual harassment and verbal abuse against women inside the organization.

Whether Snyder will eventually be forced into a sale or not is yet to be seen, but things are anything but smooth in Washington as the 2020 season fast approaches.

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