Redskins minority shareholders hire firm to facilitate the sale of shares

It’s been a tumultuous day for the Redskins, whose dysfunction has prompted minority shareholders to speed up the process of selling their shares.

Last week, the Washington Redskins announced that they would undergo a thorough review of their team name, and seek a replacement mascot after facing pressure from shareholders and corporate sponsors to do so. The name change is set to end an era of D.C. football that’s lasted for almost a century.

It may surprise you to learn that this is not the biggest story in the nation’s capital today.

Days ago, it was first hinted at that there would be a damaging revelation made about the Redskins’ franchise and its toxic culture in a Washington Post article. Speculation has since run rampant as to what this Post article is set to detail, and it appears as though word has gotten to Snyder.

Earlier today, NFL insider Adam Schefter reported that Snyder and the franchise had hired a lawyer to conduct an “independent” review of the team’s protocols, as well as take a deep dive into allegations surrounding the organization’s past misconduct.

Some key members of the organization’s financial board aren’t waiting to see the report’s findings, however. Schefter has also disclosed that “minority shareholders of Washington’s NFL team have hired the investment bank, Moag and Company, to vet buyers and to sell their stake in the team, per a league source”.

Schefter’s report would insinuate that the Redskins’ minority owners, presumably referring to Robert Rothman, Dwight Schar, and FedEx CEO Fred Smith, are proverbially jumping ship, and relinquishing their stake of the Redskins franchise. Rothman, Schar, and Smith together own approximately 40 percent of the franchise. They’ve been partners of Snyder’s since 2003.

This isn’t the first time in the 2020 offseason that the minority owners’ intent to sell has been reported. It was made clear when FedEx first requested a name change that they, along with other business partners, had been prospecting a potential sale for some time, but had been unable to find a buyer.

Now, with the help of Moag and Company, the Redskins’ minority shareholders hope to make a more concerted effort at finding a buyer. But it’s fair to wonder how successful they’ll be. Given the recent name drama and the impending release of a damning Washington Post article, Dan Snyder’s team in Washington is far from a marketable business venture.

The situation appears far from settled, and pending the release of the anticipated Washington Post article, things could devolve further into chaos. It’s a day that demands attention in D.C., and it’s far from over.