It’s difficult to remember, but prior to Daniel Snyder’s purchase of the team, the National Football League’s Washington, D.C., operation was something of a model franchise, having won three Super Bowls in the two decades prior to his takeover. In the two decades-plus since, none, possibly because a man who for years petulantly refused to change his team’s racist name was too busy accusing other people of racism. Or because he and his team were too focused on (allegedly) mistreating female employees, celebrating its racist past, pimping out cheerleaders and the like to bother to build a winner. Or because they were engaged in finding two-bit ways to rip off their fans off the field as well as on and fraudulently nickel-and-dime Snyder’s fellow owners.
A letter sent Tuesday from the House Committee on Oversight and Reform says the committee has evidence—including an interview with a former sales executive and documents—to show that the team may have withheld millions of dollars in refundable security deposits owed to fans over a decade. As of 2016, the amount stood at $5 million for around 2,000 accounts, the letter says…. The committee’s letter also describes a scheme in which the team allegedly tried to process revenue from Commanders home games, which should have been shared with the NFL, as “bogus” fees from unrelated events that would not have to be shared with the league.… [Former Redskins Washington Football Team sales and customer service vice president Jason] Friedman characterized this as the Commanders maintaining two sets of books: one that was shared with the NFL, but underreported certain ticket revenue; and another internal set of books that included the complete and accurate revenue and was “shown to Mr. Snyder.”
For more of the latest in litigation, regulation, deals and financial services trends, sign up for Finance Docket, a partnership between Breaking Media publications Above the Law and Dealbreaker.