Redskins' Snyder Makes Payment, Still Seeks Refinancing

Redskins Minority Partner Fred Drasner said that Redskins Owner Daniel Snyder made a $50M "lump sum" payment last week to banks holding his team's "nearly" half-billion dollars of debt (see THE DAILY, 12/12), according to Thomas Heath of the WASHINGTON POST. The payment fulfills a commitment Snyder made to the NFL when he bought the team 18 months ago. Drasner also said that the team is still negotiating with the NFL about refinancing the team's debt, which he said stands at $445M after the $50M payment. The team would like to change the debt from "what is considered 'short term' or about five years" to "a longer amortization in the range of 25 years," which would "significantly reduce the amount of annual payments" the team must make on its borrowed money. Heath writes that despite paying the $50M, Snyder still "faces the possibility" of "at least" a $250,000 league fine for not getting NFL approval for his and Drasner's purchase of former partner Mort Zuckerman's 15% ownership stake (WASHINGTON POST, 1/3).