NFL owners are starting to turn on Commanders owner Dan Snyder
According to a bombshell report from the Washington Post, other owners are considering an almost certain move to vote to remove Dan Snyder (subscription required) as the majority owner of the Washington Commanders if he doesn’t follow through on his claims of selling the franchise.
According to a report from ESPN, a $55 million line of credit was taken out by the Commanders without the approval of the team’s minority owners. That approval was required given the materiality of the line of credit. The report is deep and indicates that there are more questions than answers right now. The NFL appears to be at least partially complicit in the entire fiasco, and the implications for Snyder and potentially the NFL go far beyond just the league’s walls. Legally, there is potential that both Snyder and the NFL could be facing punishment.
Beyond the line of credit, other questionable financial actions took place, including a $4.5 million charge from Snyder to the team’s books to put its logo on his private jet.
In mid-January it was reported that Snyder planned to sell his majority stake in the team.