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The minority owners of the Washington Football Team have long expressed a desire to sell their shares in the team.
However, they are not selling due to recent controversies involving Washington owner Dan Snyder. Instead, the minority owners and Snyder are apparently squabbling over money.
Ken Belson and Katherine Rosman of the New York Times reported the argument stems from Snyder apparently deferring payouts to the minority owners:
In the spring, with the future of the 2020 N.F.L. season very much in doubt because of the pandemic, Snyder deferred paying annual dividends to three shareholders who collectively hold 40 percent of the franchise, according to documents reviewed by The New York Times.
The decision to withhold the distribution, which was due on April 30 and which the partners claim was made without consulting them, triggered a series of accusations that include financial mismanagement of the team and efforts to smear Snyder. The fight between Snyder and the shareholders — Frederick Smith, the chairman of FedEx; Dwight Schar, founder of a home building company; and Robert Rothman, an asset manager — eventually landed in the league’s lap, and an arbitrator is trying to sort out the dispute.
The minority owners were also among those demanding the team change its name from the previous, racially insensitive “Redskins” moniker. Still, it seems the primary grievances revolve around the money.
Snyder has been in the news for all the wrong reasons in the past few months.
The longtime Washington owner was accused of fostering a toxic culture in an expose by the Washington Post. More accusations began flooding in, including numerous persons who claimed Snyder asked for videotapes of the team's cheerleaders.
It seems unlikely the NFL will force the Washington Football Team owner to sell the team outright. However, the team's minority owners are still hoping to sell their shares, pending they receive appropriate payouts.
