Dan Snyder is facing mounting pressure from three of his minority investors to sell the Washington Football Team according to a new report from The Wall Street Journal.
“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 wrote in its story Thursday afternoon. “That has prompted some would-be buyers to walk away.”
Breaking: The minority partners of Washington's NFL team are pressuring Dan Snyder to sell the franchise, people familiar with the matter say https://t.co/9ExpG65dL5— The Wall Street Journal (@WSJ) August 13, 2020
Snyder’s ownership seems to face battles on nearly every front.
In the last six weeks the team dropped its more than 80-year old “Redskins” moniker amid threats from multiple sponsors of significant lost revenue due to its racist connotations.
Last month, a Washington Post story alleged widespread sexual harassment and verbal abuse against women inside the organization and the team is now conducting an internal investigation on the report.
The three minority investors combine own about 40% of the team but their shares would be worth much more if the entire organization was up for sale.
Snyder has also filed a defamation lawsuit in federal court this week that loosely claims a conspiracy against him from one of the team’s current investors. A lawyer for Snyder told NBC Sports Washington on Tuesday that a former team employee bribed an Indian media company to put out a defamatory and false story against him.
The Journal reports that tensions between Snyder and his minority investors have simmered for “at least a year.” It writes that FedEx founder and chairman Frederick Smith, one of the three minority owners and the man whose company has the naming writes to Washington’s home stadium, attempted to sell his share of the team last year only to have a slow approval process involving Snyder sink a potential deal. The interested investor instead purchased a minority stake in another NFL team.
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