ASHBURN, Va. (WWBT) - The NFL finance committee has approved Dan Snyder’s request to take on additional debt, opening the door for him to assume almost full control of the Washington Football Team.
ESPN is reporting that the finance committee granted Snyder’s request for a $450 million debt waiver. NFL owners will vote on the measure during meetings next week. 24 of the 32 owners need to vote in favor of that transaction in order for it to pass and that is expected to happen.
Snyder currently owns 40.59 percent of the team, with his mother and sister holding an additional 19.05 percent. He would absorb an additional 40.5 percent of the franchise by purchasing the shares of Fred Smith, Robert Rothman and Dwight Schar, per the ESPN report. According to the New York Times, that would total $875 million, which Snyder would need to pay off by 2028.
This does not impact the independent investigation by private attorney Beth Wilkinson into the organization’s workplace culture. She was brought on by Snyder to conduct the investigation after several Washington Post articles documented alleged incidents of sexual harassment and verbal abuse throughout the last 15 years within the team’s front office.
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