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Controversial NFL figure Dan Snyder may soon have total control of the Washington Football Team.
Snyder is closing in on an agreement with the team's minority partners to buy their stakes, according to multiple reports on Wednesday. Doing so would give Snyder full ownership of the franchise; he is already its majority owner.
Snyder is paying approximately $900 million to buy out minority owners Dwight Schar, Robert Rothman and Frederick Smith, Yahoo Sports reported, citing someone familiar with the deal. Yahoo Sports also reported that Snyder is looking for approval from other NFL owners to take on $450 million in debt for the deal.
The purchase would give Snyder approximately an extra 40% ownership of the team. Go Long newsletter's Tyler Dunne first reported news of Snyder's deal to buy out his minority partners.
"Go Long news this AM: Washington Football Team majority owner Dan Snyder is buying out the minority owners’ 40.5 percent stake in the team," Dunne tweeted Wednesday. "Snyder requested a debt waiver for 450 million to fund the deal. The deal has been approved by the NFL finance committee."
Washington Football Team's Dan Snyder is one of NFL's most controversial owners
It's the latest move for the much-criticized Snyder, whose franchise is facing accusations of workplace sexual harassment. The NFL is investigating the claims, and several employees accused have already been fired.
The franchise itself is also working on a new name after dumping the "Redskins" monicker this past season. Snyder had previously been adamant that he would never change the team's name.
Snyder purchased the franchise for $800 million from the estate of Jack Kent Cooke in 1999. He has long been criticized for his handling of the team, both on and off the field.
Washington has struggled during his tenure, fielding a losing record and going through eight head coaches in 17 seasons. Many journalists have criticized Snyder's management of the team, alleging it is partly to blame for Washington's lack of success.
Among the other controversies occurring during Snyder's ownership include his suing of season ticket holders who couldn't pay during the Great Recession and his lawsuit against a local newspaper that was later dropped.
News of Snyder's new agreement brought criticism from some NFL fans and analysts.
"Of course Roger Goodell’s response to Dan Snyder’s decades of gross mismanagement and misconduct is to slap him on the wrist then allow him to purchase the rest of the Washington Football Team (by taking on $450M in debt). Of course," Bloomberg News Reporter Jordan Fabian tweeted Wednesday.
