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There are a total of three men in the Washington Redskins ownership group who aren’t in Dan Snyder’s immediate family. All three of them reportedly want out.
Washington minority owners Robert Rothman, Dwight Schar and Frederick W. Smith have hired an investment banking firm to conduct a search for potential buyers of their stake in the team, according to The Washington Post. The three businessmen reportedly hold 40 percent of the team.
Per the Post, the move is in large part due to the trio “not happy being a partner” with Snyder, who owns the majority of the team.
According to Forbes’ most recent team valuations, Washington ranks seventh in the NFL at a calculated $3.4 billion. That number has likely gone down in the wake of the coronavirus pandemic. The team also once ranked No. 1 in the Forbes valuations as recently as 2006, but has seen a noticeable fall from grace under Snyder.
Rothman is the chairman and CEO of private investment firm Black Diamond Capital, Schar is chairman of home-builder NVR Inc. and Smith is the president and CEO of FedEx. You might have heard how FedEx recently signaled it wants to see a name change for the team whose stadium naming rights it paid $205 million.
The only other minority owners of the team are Snyder’s mother, Arlette, and sister, Michele.
All of this comes at a curious time for the NFL’s team in Washington, as Snyder appears to be ready to change a name after years of requests.
Dan Snyder considering name change for Washington
Snyder announced Friday that his team would undergo a review on changing its name, something he once pledged he would never do. It was claimed that the team had been internally discussing a name change with the league in recent weeks. That discussion went into overdrive when financial pressure started building for the team.
Three of Washington’s biggest financial partners — FedEx, Nike and Pepsi — all signaled in one way or another they would like to see a name change in D.C. after a massive group of investors signed a letter calling for them to sever ties with the team.
Similar political pressure mounted as D.C. officials said a move back to the district would be contingent on a name change. Much of this push is attributable to the fight against racial injustice growing louder following the killing of George Floyd. Snyder had resisted a name change for years, rejecting calls from Native American protesters, the White House and the United Nations Human Rights Council.
And now, if the name does change, it looks like Snyder will be shepherding his reformed team alongside some new faces.
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