Dan Snyder’s future as Commanders owner is ‘on the agenda’ for upcoming NFL meetings following claim he hid $55m loan from minority partners… but league says the only thing being discussed is a potential sale of the scandalized billionaire’s $5.6b team
Dan Snyder’s future as the Washington Commanders owner will discussed at upcoming league meetings in Florida ahead of the larger annual assembly in Arizona in late March.
The Associated Press is reporting that the agenda for the Florida meetings includes the scandalized billionaire, accused of everything from sexual harassment to financial impropriety. However, a league spokesman denied any scheduled discussion on Snyder in an email to DailyMail.com.
‘There’s a regularly scheduled series of committee meetings, including a finance committee meeting where the sale of the team could come up,’ spokesman Brian McCarthy told DailyMail.com.
One source told the AP that there remains a possibility that other owners vote to force Snyder to sell the franchise, valued by Forbes at $5.6 billion. Previously, in October, Indianapolis Colts owner Jim Irsay said there is ‘merit to remove’ Snyder. Such a move would be unprecedented in the NFL, and would require the votes of 24 out of the 31 other owners.
Snyder and his wife Tanya announced in November that they hired a firm to explore the sale of the team, although it remains unclear if they would unload the whole franchise or just a minority stake. Amazon founder Jeff Bezos, Philadelphia 76ers and New Jersey Devils owner Josh Harris and Houston Rockets owner Tilman Fertitta are all reportedly interested in the Commanders.
Dan Snyder (right) and his wife Tanya (left) announced in November that they hired a firm to explore the sale of the team, although it remains unclear if they would unload the whole franchise or just a minority stake. Amazon founder Jeff Bezos, Philadelphia 76ers and New Jersey Devils owner Josh Harris and Houston Rockets owner Tilman Fertitta are all reportedly interested in the Commanders
Snyder’s future as an NFL owner has grown murkier amid mounting scandals.
Following The Washington Post’s recent report that Snyder is seeking to be indemnified were he to sell the team, ESPN reported Tuesday that FBI and IRS agents are investigating claims that Snyder took out a $55 million loan without the knowledge of his then-minority partners.
After years of disputes, Snyder bought out minority owners Dwight Schar, Bob Rothman, and Fred Smith in the spring of 2021. The trio had previously filed an injunction in hopes of being allowed to sell their 40.5-percent stake of the team, which Snyder ultimately purchased after the NFL approved a debt-limit waiver, allowing him to take out a $450 million loan from Bank of America.
Now a federal grand jury has issued subpoenas related to team finances, according to ESPN.
The former minority partners had reportedly demanded an NFL investigation into the alleged $55 million loan during a confidential arbitration hearing, but at least one source with knowledge of the proceedings told ESPN that Schar, Smith and Rothman believed league commissioner Roger Goodell and general counsel Jeffrey Pash sided with Snyder.
If Snyder did take out the $55 million loan without informing his now-former minority partners, it would have violated the team’s shareholder agreement, according to documents obtained by the AP.
Then-Redskins minority owners Robert Rothman (left), Dwight Schar (middle) and team majority owner Dan Snyder are all smiles in the closing minutes of a win over the Vikings in Minnesota. The picture is believed to be from 2013
Fred Smit (pictured), the CEO of Fred Ex was a team minority owner until the spring of 2021
Bank of American officials repeatedly requested proof that the board had approved the loan, only to approve it without receiving any such confirmation. Documents obtained by the AP show one team lawyer acknowledging in a letter that the board approval was never granted.
Less than a week after Schar, Rothman and Smith pushed NFL arbitrators to investigate the loan, the NFL moved to end the arbitration proceedings, documents show.
Frustrated, Schar, Rothman and Smith hesitantly agreed allow Goodell to mediate the dispute, according to ESPN.
The NFL did not conduct any investigation into the loan, and Snyder has never been penalized over the financial misconduct claims.