Daniel Snyder to Buy Out Other Owners of Washington NFL Team

Since then, Washington sought to rectify its 3-13 record from the 2019 season by firing numerous front office executives and hiring a new...

Since then, Washington sought to rectify its 3-13 record from the 2019 season by firing numerous front office executives and hiring a new coach, Ron Rivera, at the beginning of 2020. In August, Rivera learned he had cancer and began treatments for it, but he coached the full season, leading the team back to the playoffs for the first time in five years.

To try to revive the club’s tattered image, Snyder has hired several new executives, including Jason Wright, the N.F.L.’s first Black team president. A coed dance team will perform on game days, replacing the cheerleading program, which had been overseen by one of the since-fired executives who had been accused of sexual harassment.

Snyder will pay $875 million for the 40.5 percent of the team owned by Dwight Schar, Robert Rothman and Frederick Smith, ensuring his total control of the franchise he bought a majority stake of in 1999.

When the purchase is completed, which is expected shortly, Snyder and his family will hold 100 percent of the club and end a public fight with Rothman, Schar and Smith, who bought into the team in 2003. Last spring, the three men banded together to try to sell their stakes after Snyder declined to pay them annual dividends as a way to conserve the team’s cash with the 2020 N.F.L. season still in doubt because of the coronavirus pandemic.

In August, the private disagreement over distributed dividends turned into corporate infighting that spilled into public view. Snyder all but accused Schar of orchestrating a smear campaign against him by contending in court documents that Schar facilitated the spread of negative information about him to the news media with the hope that bad press would ultimately force Snyder to sell his majority stake. In that situation, the trio’s shares would have garnered a higher price if the team was sold as a whole.

The three minority owners — Schar, a real estate developer; Rothman, an asset manager; and Smith, the chairman of FedEx — turned against Snyder, accusing him in federal court of bad-faith dealing and malfeasance.

Even as Wilkinson was brought in last July to conduct an investigation into team executives’ conduct toward female employees, the N.F.L. had hired in late June former Attorney General Loretta Lynch to untangle the squabble among the Washington Football Team’s owners.

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Newsrust - US Top News: Daniel Snyder to Buy Out Other Owners of Washington NFL Team
Daniel Snyder to Buy Out Other Owners of Washington NFL Team
Newsrust - US Top News
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