“Three billionaires - not a few whistleblowers - alleged to the NFL arbitrator that their partner had possibly committed bank fraud,” the source said. The process went to arbitration inside the NFL, and the three men made the allegations about Snyder’s $55M loan, which they said breached the Commanders’ shareholder agreement.Ī source close to the negotiations told ESPN that not only did the NFL side with Snyder, they allege the league didn’t even attempt to investigation the potential financial malfeasance. ![]() Smith wanted to divest themselves of their stake in the Commanders. Snyder’s partners, Dwight Schar, Robert Rothman, and Frederick W. A $4.5M payment for a team logo is one thing, but the NFL’s role in all this not only allegedly covered up a crime but cost Synder’s two business partners hundreds of millions of dollars. This is where the allegations get really dirty. The NFL bent over backwards to help Snyder ![]() Essentially here Snyder used the Commanders logo, as one would expect a team owner to do, but allegedly charged the Commanders for doing so, as if his personal jet was allowing the team to advertise themselves. Thousands of brands pay extensive licensing fees to the NFL in order to be allowed to print team logos on merchandise or goods. They then started looking closely into the team’s finances and found Snyder was using the team as his “personal piggy bank,” including charging the team $4.5 million to put its logo on his private jet, they alleged in the arbitration petition filed with the NFL.”Īny potential reasoning for this is nonsensical. Smith protested the loan after they discovered it in a financial report’s fine print. “minority partners Robert Rothman, Dwight Schar and Frederick W. Snyder charged the Commanders $4.5M to put the team logo on his own private jetĬourt documents allege that Snyder used the team as his “personal piggy bank,” which allegedly resulted in a direct payment from the Commanders to Snyder for putting the team’s logo on his private jet. Beyond these details are some frankly ridiculous claims, some of which seem impossibly preposterous if it wasn’t Snyder at the center of them. There are incredible details about this loan, why prosecutors and the IRS are interested, as well as how Bank of America could have been deceived about the nature of the loan itself. The ranging report from ESPN is absolutely worth diving into. The three men in question owned a combined 40 percent of the team at the time of the loan and were not made aware Snyder or the team was seeking the funds from Bank of America. Of particular interest in the latest probe is an alleged $55 million loan, which Snyder and the Commanders took out in 2019 without the knowledge, or approval, of his business partners. This week saw conflicting reports about whether the Commanders owner was refusing to accept a bid from Amazon founder Jeff Bezos, and now new details have emerged about Snyder’s alleged business dealings, which have caught the attention of federal prosecutors. Griffin now works as a broadcaster for ESPN.The seemingly endless string of Dan Snyder fiascos isn’t coming to an end any time soon. “THIS IS NOT A GOOD LOOK FOR DAN SNYDER OR THE NFL,” former star Commanders quarterback Robert Griffin III tweeted. ![]() Snyder bought the team for about $800 million in 1999, using money from his then-public advertising firm Snyder Communications he sold for $2 billion to French advertising company Havas in 2000. Most of Snyder’s fortune is thanks to his majority ownership of the Commanders, worth $5.6 billion according to our calculations, the sixth-most valuable team in the NFL. We estimate Snyder to be worth $4.9 billion, making him the 499th wealthiest person in the world. Congress can not bring charges against Snyder directly, but could recommend the Department of Justice. The House subcommittee revealed in June it has evidence of Snyder interfering with the NFL’s investigation into him, allegedly offering former employees hush money to not cooperate with the probe. Snyder testified before Congress in July in a virtual, closed-doors deposition. The Commanders paid $1.6 million to a former female employee who accused Snyder of sexually assaulting her in 2009, according to the Washington Post (Snyder denied the assault took place). The NFL declined to make its findings public, and the House Oversight and Reform Committee launched its own investigation into Snyder and the league’s handling of its probe in October 2021. The league fined Snyder $10 million last July following an internal probe into the Commanders and Snyder subsequently stepped away from the team’s day-to-day operations, ceding control to his wife Tanya Snyder.
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