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The impending sale of the Washington Commanders by owner Daniel Snyder has taken a new twist.
Snyder reportedly took out a $55 million loan under the team’s name over four years ago without informing the three other billionaires who owned 40% of the team.
Those three, Robert Rothman, Dwight Schar, and Frederick W. Smith, protested the loan after discovering it in a financial report’s fine print.
They allege that Snyder has used the team as his personal piggy bank, charging the franchise $10 million to use his aircraft and giving himself a $10 million salary.
Snyder’s recent demands for legal assurances from the league and other team owners have reportedly angered some owners and renewed discussions about the possibility of removing him from ownership.
The three former stakeholders allege that Snyder’s actions could amount to bank fraud, which the NFL owes them as much of a fair shake as it owes Snyder.
Despite this, the league has shown no interest in investigating the matter and has allegedly covered it up.
The bid for the Commanders has been set at $6 billion by Snyder, while bids have been placed privately, with one reportedly coming in at $5.5 billion.
Given the ongoing investigations and Snyder’s demands, some owners are calling his move absurd.
»Sale of Washington Commanders takes new twist«
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