Washington Football Team on SALE? Dan Snyder pressured to sell team by minority owners

After immense pressure from political groups, sponsors and fans, Dan Snyder was forced to drop the controversial 'Redskins' from Washington's NFL team. While it seemed Snyder and co may have avoided a huge storm, as it appears, problems have only compounded for the owner of the Washington Football Team. According to a report from The Wall Street Journal, minority owners of the NFL franchise are pressuring Snyder to sell the team. 

Dan Snyder to be ousted from Washington Football Team?

The minority owners - FedEx CEO Fred Smith, Black Diamond Capital chairman Robert Rothman and NVR Inc board chairman Dwight Schar - previously hired an investment bank, Moag & Company, to sell their 40% stake in the franchise. While the advertisement of sale attracted interest, prospective buyers have reportedly walked away from deals due to Dan Snyder's reluctance to include an option to the new buyers to eventually buy control of the team. The report adds that Snyder has zero interest in selling the controlling stake in the team. 

Also Read | Who Is Dan Snyder? Brief Timeline Of Snyder's Floundering Leadership At Washington Football Team

A self-made millionaire, Dan Snyder acquired the team, formerly known as the Redskins, in 1999 for a reported $800 million. Synder borrowed $340 million French investment bank Societe Generale to finance his purchase. In order to recoup some of his investment, he then sold stakes in the franchise to the aforementioned minority owners. According to Forbes, the Washington Football Team is the 14th most valuable franchise in the NFL with a current valuation of $3.4 billion.

While Snyder was aways against dropping 'Redskins' from his team's name, he was forced to do the same after the increasing unrest threatened his team's revenues for the upcoming season. Since then, an investigation from the Washington Post revealed that 15 former female employees of the organisation were sexually harassed at the team's headquarters. Although Snyder was not accused by any of the women, several of his close colleagues were name-dropped in the allegations, including team radio announcer Larry Michael and former chief operating officer Mitch Gershman.

Also Read | Washington Football Team: Fans Hilariously Mock Dan Snyder's "Lack Of Creativity"

The unrest within the franchise reached a boiling point last week after Dan Snyder reportedly sued an Indian media outlet accusing a former employee of assisting defamation of the longtime owner. Seeking $10 million in damages, the lawsuit was filed against Media Entertainment Arts WorldWide, which falsely linked Snyder to sex trafficking. 

Also Read | Washington Football Team Owner Dan Snyder Responds To Sexual Misconduct Allegations Against Franchise

Also Read | Dan Snyder Forced To Sell Washington Redskins After Latest Sexual Harassment Allegations?

(Image credits: AP)