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Dan Snyder reportedly took out a $55 million line of credit a few years ago. He apparently did this without the knowledge of and approval from the minority owners in the Washington Commanders franchise.
It's another transgression in an alarmingly growing list for the Commanders owner, but this one may have been known by some people prior to now.
A memo revealed the scam, but NFL commissioner Roger Goodell may have known about it. Either way, a loan like this without approval is prohibitted.
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Don Van Natta Jr. said via ESPN:
"The NFL guarantees all debt taken out by teams. If a franchise wants to take on a new loan beyond strict set limits, it usually must get the permission of the league's finance committee and 24 of 32 owners. McCarthy, the NFL spokesman, did not answer a question about whether the finance committee and the 32 owners had approved Washington's new credit line."
He continued:
"A franchise owner and a senior executive said Goodell is not responsible for scrutinizing the terms and conditions of loans. However, a team cannot ,assume fresh debt, which is guaranteed by the NFL, without Goodell's approval."
According to a source, Goodell knew about this:
"Goodell knew about the loan, but the partners didn't."
This wouldn't be the first time Goodell has been lumped into Dan Snyder's sins. The NFL commissioner was sued alongside Snyder for toxic workplace allegations by the D.C. Attorney General.
They alleged that Goodell knew of and allowed the behavior to take place. This time, it's alleged that he knew Snyder had taken out the improper loan.
Is Dan Snyder selling the Commanders?
Dan Snyder is very likely going to sell his team, the Washington Commanders. He has already begun exploring potential transactions and has only been accused of more wrongdoing since.
While there was traction regarding a forceful removal from ownership by the NFL, Snyder decided to sell on his own. If he backtracks, the NFL might be forced to follow up on that and actually remove him from his post.
The team's ownership may be the least of his worries, though. He may be facing federal punishment for some of his transgressions.
