WASHINGTON (WWBT) - Dan Snyder is buying out the Washington Football Team’s minority owners and will become the sole owner of the club.
An NFL spokesman confirms that Snyder’s application for a debt waiver of $450 million was approved by the finance committee and that the deal is pending approval from team owners.
Three-quarters, or 24 of 32 teams, need to sign off to make it happen.
Fred Smith, Dwight Schar and Bob Rothman currently own 40.5% of Washington Football Inc.
They have been mired in a court dispute with Snyder over their shares of the team.
This effectively settles that matter and puts Snyder completely in charge of the team.
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