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AP:NFL approves new Redskins owners


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NFL approves new Redskins owners

August 22, 2003 Print it

ASHBURN, Va. -- NFL owners on Friday approved the sale of approximately 20 percent of the Washington Redskins to three owners.

FedEx chairman Fred Smith, Northern Virginia real estate developer Dwight Schar and Florida insurance executive Robert Rothman made the purchase, worth about $200 million.

The three shares formerly belonged to real estate developer Mort Zuckerman, who sold his investment in the team back to majority owner Dan Snyder three years ago.

Snyder and his family retain majority ownership of the team and its stadium. Publishing executive Fred Drasner is also a part owner. Snyder remains the sole voting stockholder.

Proceeds from the sale will be used to pay down the team's net debt, which once totaled more than $500 million.

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