Dan Snyder took out a $55M loan without the knowledge or approval of Commanders’ minority partners

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Dan Snyder
Dan Snyder

Dan Snyder a secret 55 million dollar loan has become a primary focus of federal investigators examining Financial misconduct by Dan Snyder and his Washington commanders football team sources tell ESPN according to documents obtained by ESPN Snyder took out the 55 million dollar credit line at Bank of America in December 2018 without the knowledge of his three minority partners team bylaws say all new debt has to be approved by the board but the partners allege no vote was ever taken the three billionaire Partners Dwight Schar Fred Smith and Robert Rothman discovered 

The secret Loan in a footnote of a financial report 16 months after the credit line had been granted the partners investigated the team’s finances and claimed Snyder had used the team as his personal piggy bank including charging the team three million dollars in advertising fees to put its logo on his personal aircraft for one year the partners then filed a confidential NFL arbitration petition in which they sought an investigation of the 55 million dollar credit line and asked NFL commissioner Roger Goodell to impose sanctions against Snyder including placing the team into receivership during the arbitration process the partners repeatedly pressed 

The NFL arbitrator to seek key loan documents from Bank of America four days after the partners asked the NFL to demand documents from Bank of America the NFL moved to shut down the arbitration and have it resolved by mediation led by Commissioner Goodell the partners grudgingly agreed and they never got their answers the league had no interest in finding out what happened a source with first-hand knowledge told ESPN they buried it and didn’t investigate it and covered it up Goodell who personally approved the loan for the league declined comment to ESPN NFL spokesman Brian McCarthy declined to answer questions but provided a statement saying in part that the league facilitated a confidential mediation between the parties and everyone was represented by very sophisticated legal and financial advisors Commander’s 

Attorney John Brownlee declined to answer any questions about the credit line in a statement he said the team has been fully cooperating with Federal prosecutors since receiving a subpoena involving other Financial allegations unrelated to the bank loan Bank of America declined to comment and the three former minority Partners did not respond less than three months after the mediation the minority Partners sold their 40 percent share of the team to Snyder for 875 million dollars nearly two years after that buyout Snyder has put up the team for sale a transaction that could be worth seven billion dollars meanwhile Federal prosecutors including Agents from the FBI and IRS continue to investigate  

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