Adam Schefter reports that Dan Snyder officially has acquired the 40 percent interest in the Washington Football Team from the minority owners, who were looking to sell their shares in the franchise.
Earlier in the week, NFL owners unanimously approved Snyder’s purchase of the sale to Snyder so this was all but a formality at this point.
Beyond that, The NFL also approved a $450 million debt waiver along with the $875 million sale. Snyder will now have to repay this debt by 2028.
Snyder is specifically buying out his three longtime minority investors — Fred Smith, Dwight Schar and Robert Rothman — who have held stakes in the franchise dating back to 2003.
Snyder owned 40.459 percent of the team while his mother, Arlette, owned 6.5 percent and his sister, Michele, owning the other 12.55 percent. The family now owns the full 100 percent of the Washington franchise.
Reports dating back to last year mentioned that Snyder was at odds with the minority owners, which led to multiple court filings.
The organization has been undergoing significant changes including a full rebrand and transitioning to new leadership under president Jason Wright among others.
There is still an ongoing investigation from independent attorney Beth Wilkinson regarding the numerous sexual harassment allegations made by former employees.
We’ll have more regarding Washington as the news is available.