The fight between Daniel Snyder and his limited partners is now over.
PFT has confirmed that Snyder has struck an agreement to purchase the interest of his limited partners, Fred Smith, Robert Rothman, and Dwight Schar. Together, they own more than 40 percent of the team. Snyder will control all equity in the franchise, once the deal is finalized.
The news was first reported by Tyler Dunne of GoLongTD.com, who adds that Snyder has requested a debt waiver for the $450 million necessary to fund the purchase, and that the deal has been approved by the NFL finance committee.
The purchase price isn’t clear. It will reveal the broader valuation of the team.
As a source with knowledge of the situation explains it to PFT, final approval by ownership is expected to be secured next week, when the owners conduct an annual meeting via videoconference.
The transaction ends months of acrimony and litigation between and among Snyder and his partners. Late last year, the minority partners filed suit aimed at forcing Snyder to exercise a right of first refusal as to all of them, without the ability to pick and choose. With the ability to secure a debt waiver, Snyder will now give them want they want — an exit for all three of them.