It is unclear whether Snyder undertook some or all of the cost-cutting measures asked of himGETTY IMAGES
Washington Football Team Owner Dan Snyder in the spring "deferred paying annual dividends to three shareholders who collectively hold 40 percent of the franchise," according to Belson & Rosman of the N.Y. TIMES. The decision to withhold the distribution, which was "due on April 30 and which the partners claim was made without consulting them, triggered a series of accusations that include financial mismanagement of the team and efforts to smear Snyder." The fight with the shareholders -- FedEx CEO Frederick Smith, NVR, Inc. Founder Dwight Schar and Black Diamond Capital Chair & CEO Robert Rothman -- "eventually landed in the league’s lap, and an arbitrator is trying to sort out the dispute." The fight has mostly occurred "behind closed doors." In May, less than two weeks after the partners were "supposed to have received their dividends," the CFO for Schar Holdings in a letter asked Washington's legal counsel "why Snyder had decided not to pay the distribution and not tell the partners in advance." The exec "requested documents regarding the team’s financial performance, including ... budget projections for this year and information on 'all cost-cutting measures' since 2018, presumably to determine whether the team was managing its money efficiently." It is "unclear how much money the three limited partners were owed, why Snyder delayed payment of the dividends, or whether he notified them in advance." It also is "unclear whether Snyder undertook some or all of the cost-cutting measures that Schar asked of him" (N.Y. TIMES, 9/25).
