There’s a new twist in owner Daniel Snyder’s impending sale of the Washington Commanders.
Snyder reportedly took out a $55 million loan without informing other Commanders stakeholders.
According to ESPN, Snyder obtained the loan in the team’s name more than four years ago without the three other billionaires who owned a combined 40% of the team. Snyder ultimately bought those three.
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Team co-owner Dan Snyder speaks during the announcement of the Washington Football Team’s name change to the Washington Commanders at FedExField on February 2, 2022 in Landover, Maryland. (Rob Carr/Getty Images)
«Three billionaires, not a few whistleblowers, alleged before the NFL referee that their partner had possibly committed bank fraud,» someone with knowledge of the situation told ESPN. «This is some kind of jail time fraud. The NFL owes them just as fair a shake up as it owes Snyder. And the league had no interest in finding out what happened. They buried him and didn’t investigate and cover it up.»
Robert Rothman, Dwight Schar, and Frederick W. Smith protested the loan after they discovered it in the fine print of a financial report. The three began discussing the team’s expenses, including «an advertising fee» of $4.5 million to put the team logo on Snyder’s personal jet. He also charged the franchise $10 million to use the plane.
Washington Commanders owner Dan Snyder on the field before the Dallas Cowboys defeated the Washington Commanders 25-10 at AT and T Stadium on October 2, 2022, in Arlington, Texas. (John McDonnell/The Washington Post via Getty Images)
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The three former shareholders say Snyder has used the team as his own «personal piggy bank» while giving himself a $10 million salary.
The Washington Post recently reported that Snyder and his lawyers «have demanded» guarantees from the league and other team owners that he will not face any future legal liability after selling the franchise.
Those demands by Snyder reportedly «angered some owners and renewed discussion about whether to vote him off the Commanders property.»
They call Snyder’s move «absurd,» especially considering that the franchise continues to face investigations.
Washington Redskins owner Daniel Snyder before a preseason game against the New England Patriots at FedEx Field on August 7, 2014 in Landover, Maryland. (Patricio Smith/Getty Images)
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Offers for the commanders have been made privately through Snyder, with one offer reportedly coming in at $5.5 billion, according to the New York Post. Snyder wants at least $6 billion for the franchise.
Fox News’ Scott Thompson contributed to this report.