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.
