-One of the three minority owners of the Commanders lined up a buyer for his stake. Snyder declined the offer, saying that the NFL wouldn't approve the buyer. The same guy purchased a stake in the Atlanta Falcons a year later.
-In a later report, the three minority owners discover Snyder took out a $55M loan against the Commanders. A loan of that size needs approval of the board of directors....which the three minority owners were members of. That board hadn't met for over two years.
-Bank of America asked for a copy of the board of directors approval for years, and never got it. Yet the loan was later approved.
-Snyder is accepting private bids for the Commanders franchise right now. Guess who is managing the sale? Bank of America.
In April 2020, the same month that the partners discovered the $55 million credit line, Snyder had, for the first time, failed to pay his partners their quarterly share of team profits, the arbitration filing alleged. The partners said they already knew the team's local revenues -- those derived apart from NFL media rights deals -- had dropped by one-third over the previous decade, from $241 million in fiscal year 2009 to $160 million in fiscal year 2020.
The partners confronted Snyder about the missed quarterly payment in May 2020 and asked why he had secured the credit line. They also demanded an explanation for what they called "self-dealing transactions." Snyder ignored their questions, the partners allege in the documents, except to eventually tell them the team had borrowed more than $20 million under the credit line.
When Rothman complained that the team's board had not met in years, Snyder responded, "What the f--- do I need a board meeting for?" according to the documents.
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Their dispute was fought in sealed motions filed in a federal lawsuit in Maryland before landing in confidential proceedings led by an NFL arbitrator and, eventually, the closed-door mediation overseen by Goodell and NFL lawyers.
In spring 2021, the mediation resulted in Snyder paying his partners $875 million for their 40% stake. Nearly two years later, Snyder is seeking to sell the team for up to $7 billion. At that price, the former partners' stake in the team would be worth $2.8 billion.
This on top his team official circulating a video of partial nude Washington cheerleaders and in general ruining one of the top franchises in the NFL.
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-In a later report, the three minority owners discover Snyder took out a $55M loan against the Commanders. A loan of that size needs approval of the board of directors....which the three minority owners were members of. That board hadn't met for over two years.
-Bank of America asked for a copy of the board of directors approval for years, and never got it. Yet the loan was later approved.
-Snyder is accepting private bids for the Commanders franchise right now. Guess who is managing the sale? Bank of America.
In April 2020, the same month that the partners discovered the $55 million credit line, Snyder had, for the first time, failed to pay his partners their quarterly share of team profits, the arbitration filing alleged. The partners said they already knew the team's local revenues -- those derived apart from NFL media rights deals -- had dropped by one-third over the previous decade, from $241 million in fiscal year 2009 to $160 million in fiscal year 2020.
The partners confronted Snyder about the missed quarterly payment in May 2020 and asked why he had secured the credit line. They also demanded an explanation for what they called "self-dealing transactions." Snyder ignored their questions, the partners allege in the documents, except to eventually tell them the team had borrowed more than $20 million under the credit line.
When Rothman complained that the team's board had not met in years, Snyder responded, "What the f--- do I need a board meeting for?" according to the documents.
----
Their dispute was fought in sealed motions filed in a federal lawsuit in Maryland before landing in confidential proceedings led by an NFL arbitrator and, eventually, the closed-door mediation overseen by Goodell and NFL lawyers.
In spring 2021, the mediation resulted in Snyder paying his partners $875 million for their 40% stake. Nearly two years later, Snyder is seeking to sell the team for up to $7 billion. At that price, the former partners' stake in the team would be worth $2.8 billion.
This on top his team official circulating a video of partial nude Washington cheerleaders and in general ruining one of the top franchises in the NFL.
Disputed loan at center of Commanders probe
A $55 million loan has become a primary focus of federal prosecutors in Virginia who are investigating allegations of financial misconduct by Dan Snyder and the Washington Commanders, multiple sources with firsthand knowledge of the inquiry told ESPN.
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