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Dan Snyder will soon own 100 percent of the Washington Football Team after the NFL is set to approve a waiver for him to get a loan for $450 million to purchase 40.5 percent from minority investors.
According to multiple reports, the NFL will allow a loan of $450 million to Snyder so he can buy the share of the organization he doesn't own at a price of $875 million.
Approval of the waiver must be granted by at least 24 team owners at the league's owner meeting next week.
In turn, Snyder and his minority investors will cease an ongoing legal battle that had been bringing ugly details into light.
From The Washington Post:
The league confirmed through a spokesman that the owners on the finance committee, which reviews potential ownership transactions, have recommended ratification of a waiver that would enable Snyder to take on an additional $450 million in debt. The granting of the waiver is subject to final approval of the league’s 32 franchise owners during their remote meeting scheduled for next Tuesday and Wednesday, the NFL said through a spokesman. Ratification requires the approval vote of at least 24 of the 32 owners.
Tyler Dunne was the first to report the news of Snyder's pending purchase.
While Washington experienced a modicum of success last season in head coach Ron Rivera's first season - the team won the NFC East before a narrow playoff loss to the eventual Super Bowl champion Buccaneers - the last year has been a whirlwind off the field.
A series of investigative reports from The Post revealed significant ugly details about the workplace culture and the team abruptly reversed course and changed its name last summer amid a flurry of threats from corporate sponsors.
It appears that Snyder and the Washington Football franchise could find a new piece of stability if the debt waiver goes through next week at the NFL's league meetings.