PleaseBlitz Posted February 28, 2023 Share Posted February 28, 2023 1 minute ago, rockluc said: Owning the asset doesn’t mean a whole lot if you can’t sell off at least part of it to generate cash flow and who is going to partner with Dan right now. Even before todays revelations that was a long shot. He can clearly get massive loans and lines of credit using the team as collateral. Link to comment Share on other sites More sharing options...
ntotoro Posted February 28, 2023 Share Posted February 28, 2023 The good thing about all this is that we know Dan Snyder couldn't afford to sue the others owners for kicking him out unless he sold the team... Just now, PleaseBlitz said: He can clearly get massive loans and lines of credit using the team as collateral. Didn't hear already eat up any collateral when he got the loan to buy out the minority owners? 1 Link to comment Share on other sites More sharing options...
Skinsinparadise Posted February 28, 2023 Share Posted February 28, 2023 1 Link to comment Share on other sites More sharing options...
kingdaddy Posted February 28, 2023 Share Posted February 28, 2023 If there is any justice in this world the Commanders will win the Super Bowl the season after Dan sells....and the following season there will be a waiting list for season tickets. 4 Link to comment Share on other sites More sharing options...
RVAskins Posted February 28, 2023 Share Posted February 28, 2023 2 minutes ago, PleaseBlitz said: He can clearly get massive loans and lines of credit using the team as collateral. Loans have to be paid back. He's not generating enough income to pay the loans. It's the same way people get in trouble with credit card debt, just on a much larger scale. Link to comment Share on other sites More sharing options...
PleaseBlitz Posted February 28, 2023 Share Posted February 28, 2023 1 minute ago, BatteredFanSyndrome said: You have to read through the ESPN article but it helps connect the dots. His debt load is massive, to the extent he’s pulled all sorts of shenanigans and used the team like his ATM. He’s not poor in the literal sense of the word, but in comparison to others wealthy enough to own a pro sports franchise, he’s broke AF. The team, while obviously incredibly valuable - is all he has. Everything he invests in aside from the team fails. I read the whole article. Calling someone "poor in comparison to other NFL owners" is a meaningless sentence. As is "all he has is one $6 billion asset." I think Galdi, Sheehan and their ilk just want the sale to happen so bad, they are viewing the facts laid out in the ESPN article as supporting their desired outcome. I want the sale to happen SO BAD too, but I read the facts as not really supporting that conclusion. 1 1 Link to comment Share on other sites More sharing options...
Skinsinparadise Posted February 28, 2023 Share Posted February 28, 2023 (edited) 11 minutes ago, KDawg said: What don't you understand? He has yet to put money into the franchise. He uses it as his personal piggybank. Yep. And I don't get why its the complicated for some to understand when someone's net worth is tied into an asset. I am sure i am not the only home owner here. My biggest asset is the value of my home. Does that mean i hold liquid the value of my house? Of course not. in order to gain liquidity from my house, I'd have to actually sell my house. Edited February 28, 2023 by Skinsinparadise 5 1 Link to comment Share on other sites More sharing options...
TheGoodBits Posted February 28, 2023 Share Posted February 28, 2023 57 minutes ago, Andre The Giant said: Folks. Dan went from “never” changing the name to ripping it up and writing “football team” in sharpie in like a day because he literally could not afford to lose another sponsor. He went from taking the franchise to his deathbed to putting it up for sale because his finances were not going to withstand federal scrutiny. Now he wants $6-7b for a franchise whose own partial owners, like a year and a half ago, felt was worth less than $3b. **** is getting real here. 2 Link to comment Share on other sites More sharing options...
Hooper Posted February 28, 2023 Share Posted February 28, 2023 I like how Danny clearly got blonde highlights. Looking good, stud! 4 Link to comment Share on other sites More sharing options...
Die Hard Posted February 28, 2023 Share Posted February 28, 2023 6 minutes ago, BatteredFanSyndrome said: You have to read through the ESPN article but it helps connect the dots. His debt load is massive, to the extent he’s pulled all sorts of shenanigans and used the team like his ATM. He’s not poor in the literal sense of the word, but in comparison to others wealthy enough to own a pro sports franchise, he’s broke AF. The team, while obviously incredibly valuable - is all he has. Everything he invests in aside from the team fails. Considering how much he’s devalued this asset, he’s failed here too. 2 1 Link to comment Share on other sites More sharing options...
KDawg Posted February 28, 2023 Share Posted February 28, 2023 3 minutes ago, Skinsinparadise said: Yeah I'm watching it now. They seem to be on the same page as a few of us here. 2 Link to comment Share on other sites More sharing options...
PleaseBlitz Posted February 28, 2023 Share Posted February 28, 2023 Just now, RVAskins said: Loans have to be paid back. He's not generating enough income to pay the loans. It's the same way people get in trouble with credit card debt, just on a much larger scale. Well, I would argue that the fact that he got a $55 million line of credit approved by Bank of America and, pretty soon thereafter, got another $450 million loan approved, supports the conclusion that he does have the income to pay back the loans. 1 1 Link to comment Share on other sites More sharing options...
Redwards Posted February 28, 2023 Share Posted February 28, 2023 30 minutes ago, Spaceman Spiff said: Dan cost us the name. Mother****er. And he chose one of the worst names and rebrands on the planet. New owner needs to go set fire to everything Dan had his hand on. Rebrand is a MUST. (Not saying it's gonna happen.) 3 Link to comment Share on other sites More sharing options...
tshile Posted February 28, 2023 Share Posted February 28, 2023 7 minutes ago, PleaseBlitz said: He can clearly get massive loans and lines of credit using the team as collateral. He had to get a waiver to go over the league mandated max for loans, to buy the other 40% of the team. he can’t borrow anymore money without being granted waivers to the rules. and no one knows what the terms of the league loan was. Just now, PleaseBlitz said: Well, I would argue that the fact that he got a $55 million line of credit approved by Bank of America and, pretty soon thereafter, got another $450 million loan approved, supports the conclusion that he does have the income to pay back the loans. you’re gonna use bank of Americans due dilligenge as proof snyder has this money you claim he does, when the story is that he committed bank fraud to obtain it? 2 1 Link to comment Share on other sites More sharing options...
PleaseBlitz Posted February 28, 2023 Share Posted February 28, 2023 2 minutes ago, Skinsinparadise said: Yep. And I don't get why its the complicated for some to understand when someone's net worth is tied into an asset. I am sure i am not the only home owner here. My biggest asset is the value of my home. Does that mean i hold liquid the value of my house? Of course not. in order to gain liquidity from my house, I'd have to actually sell my house. This is not true. You can easily take out a loan or a line of credit against the equity in your home, which is exactly what Snyder has repeatedly done with his largest asset. Link to comment Share on other sites More sharing options...
tshile Posted February 28, 2023 Share Posted February 28, 2023 (edited) And supposedly the loan he got from BOA was to pay the quarterly payment to his investors cause he couldn’t afford that. it’s totally possible the articles and stories are inaccurate. buy if they are accurate then what you’re saying makes no sense. Edited February 28, 2023 by tshile Link to comment Share on other sites More sharing options...
Skinsinparadise Posted February 28, 2023 Share Posted February 28, 2023 (edited) 1 minute ago, PleaseBlitz said: This is not true. You can easily take out a loan or a line of credit against the equity in your home, which is exactly what Snyder has repeatedly done with his largest asset. But that's exactly his problem also. He's leveraged himself too much against his asset. Edited February 28, 2023 by Skinsinparadise 3 1 Link to comment Share on other sites More sharing options...
RVAskins Posted February 28, 2023 Share Posted February 28, 2023 1 minute ago, PleaseBlitz said: This is not true. You can easily take out a loan or a line of credit against the equity in your home, which is exactly what Snyder has repeatedly done with his largest asset. Have you ever heard of the word foreclosure? 1 1 Link to comment Share on other sites More sharing options...
PleaseBlitz Posted February 28, 2023 Share Posted February 28, 2023 2 minutes ago, tshile said: He had to get a waiver to go over the league mandated max for loans, to buy the other 40% of the team. he can’t borrow anymore money without being granted waivers to the rules. and no one knows what the terms of the league loan was. Again, per the article, it does not appear that the need to get a waiver from the league is a significant hurdle. He needed a waiver, he got a waiver. If he needs another waiver, all the facts point to him being able to get one. 2 minutes ago, tshile said: you’re gonna use bank of Americans due dilligenge as proof snyder has this money you claim he does, when the story is that he committed bank fraud to obtain it? Unsurprisingly, you are not following. I'm not claiming that Snyder "has this money." I'm saying it's a solvable problem that won't force him to sell. 1 Link to comment Share on other sites More sharing options...
RVAskins Posted February 28, 2023 Share Posted February 28, 2023 5 minutes ago, PleaseBlitz said: Well, I would argue that the fact that he got a $55 million line of credit approved by Bank of America and, pretty soon thereafter, got another $450 million loan approved, supports the conclusion that he does have the income to pay back the loans. I would argue that BofA was pretty stupid for loaning him the money. 2 Link to comment Share on other sites More sharing options...
PleaseBlitz Posted February 28, 2023 Share Posted February 28, 2023 2 minutes ago, RVAskins said: Have you ever heard of the word foreclosure? I have. I'm actually an attorney in the lending space. What are you suggesting is going to happen here? Link to comment Share on other sites More sharing options...
BringMetheHeadofBruceAllen Posted February 28, 2023 Share Posted February 28, 2023 (edited) https://www.washingtonpost.com/sports/2023/02/28/daniel-snyder-nfl/ The NFL deserves every bit of its raging Daniel Snyder headache For most of the past 24 years, commissioner Roger Goodell and the owners knew who and what Snyder was, but they chose not to care because the only people affected by his petty bug-pinning tyrannies were lowly employees, ticket buyers, minority business partners and women. Finally, NFL owners and magnates bidding on the team are feeling it, too. They are apparently seething over his rude effrontery, the serve-my-whims, feed-me-another-grape demands that they “indemnify” him from anything, ever, before he will free them from his odious presence by selling. Now they’re getting it. Season after season, they enabled and even prospered Snyder. He ran his franchise with all the trustworthiness and temperament of a drug lord? No problem. Presided over a team headquarters that turned into a peep show, in which women employees were leered at and harassed? No problem. Made a $1.6 million settlement for an alleged assault of a female executive on his private plane, an allegation he has called “meritless”? No problem. Took out a suspect line of credit while spending like a treasury-draining sultan, as ESPN reported this week? No problem. The league gave him a virtue-signaling slap on the wrist — after extending his debt ceiling by $450 million. The NFL had no problem with any of his corrosive practices, even as the acid spill crept closer to them. Foisted off expired beer well past its “freshness date” on fans for $9 a pop, and peddled sour, rancid old peanuts from defunct Independence Air, past their shelf life? No problem. Lied about season-ticket waiting lists, deceived customers about fees? Not a problem, either. You know when they started caring? When it finally became clear that Snyder had so exhausted local goodwill that he couldn’t get a new stadium deal done. Only then did they decide to do something about him. And only now are they fully grasping his deviousness. A word of advice to NFL owners, and prospective bidders, from a longtime Snyder chronicler. He does not function as you do. You may think he’s just another billionaire who eventually will accept terms in a rational self-serving negotiation. He’s not, and he won’t. Don’t underestimate how disordered he is. Here are a few observations of Snyder’s tendencies, a kind of cheat sheet, based on watching his dealings with everyone from John Riggins to Mike and Kyle Shanahan to Jeff Bezos. First, he combines impossibly high smartest-guy-in-the-room self-regard with clumsy, reflexive acts of self-sabotage. He does not operate from reason. He loathes people who are popular and successful and will set out to surreptitiously kneecap and humiliate them in any way he can, even if he hurts himself, too. As longtime league executive and observer Michael Lombardi has written, Snyder will “hire people that are popular, allowing him to win the press conference, then work behind the scenes to destroy their ability to operate.” Any owner or bidder should understand this buried impulse will trump on-the-table dealings. Second, Snyder would rather be the central titan in a distressed and failed organization than a marginal figure in a successful but invisible field. The idea that he will voluntarily sell is at a minimum optimistic, and the bidding process, at the moment, could be futile. Closing a sale will sentence him to irrelevance — without the team he will be nobody, a pretend lord, hiding behind his wall of wealth, playing Mr. Rochester at his estates in Virginia and England, yelling tallyho and release the hounds. Every jam-smeared finger might have to be pried forcibly off the team, either in a majority vote of owners, or through some backdoor leverage. Still, is there legitimate hope that Snyder will relinquish the team to a new owner who will give it a future? Yes. Apparently, Jerry Jones of the Dallas Cowboys has been dispatched to apply a combination of coaxing and political muscle. Jones once had warm relations with Snyder, and while they aren’t so warm anymore, Jones knows Snyder (and his flaws) best. He is also renowned as the league’s top negotiator, wily and deft when it comes to applying leverage. Here is how Jones recently described his philosophy in dealing with problems: “It’s kind of for me like sitting in a bar and over the back of your shoulder you see 300 pounds coming, and whatever you’ve done, you’ve made it mad.” Jones observed. “Whatever you said, or whatever you did, or whoever you winked at, you made 'em mad. The mistake would be to jump in front of it and try to mess with it. The smooth thing to do would be to step up, matador style, take him by the shirt, and escort his momentum into the jukebox.” The owners have Snyder by the shirt. That $450 million debt ceiling from the league wasn’t pure generosity — it gives the owners leverage. So does the thus-far withheld Mary Jo White report into allegations he’s a sexual harasser, and so does an ongoing criminal investigation into his finances. Meeting Snyder’s demands never works — he inflicts maximal hell on anyone who accommodates him, because he mistakes it for sucker-dom. After accommodating him for years, perhaps now Jones, Goodell and the other owners realize that. They allowed him to take a whole organization captive, looking the other way as Snyder made victims of his workforce and dupes of his customer base, and he responded by taking the league captive, too. And now the only way to get rid of him is to throw him into the jukebox. Edited February 28, 2023 by BringMetheHeadofBruceAllen 6 4 Link to comment Share on other sites More sharing options...
tshile Posted February 28, 2023 Share Posted February 28, 2023 Literally everyone reporting rumors that have been building for 10ish years about snyder’s ****ty financial practices and how it’s created a hole he can’t get out of at a time where he has no friends to bail him out. pleaseblitz in here saying everything’s fine and he could get out of it if he wanted to 😂 2 4 Link to comment Share on other sites More sharing options...
RVAskins Posted February 28, 2023 Share Posted February 28, 2023 Just now, PleaseBlitz said: I have. I'm actually an attorney in the lending space. What are you suggesting is going to happen here? I'm suggesting that he will either be forced to sell because he's cash strapped, or the league will force him out. Even if he has the money to pay back any loan or line of credit, he isn't able to put money back in to the team or finance a new stadium. Those two things alone make his "asset" a losing proposition. 2 Link to comment Share on other sites More sharing options...
Skinsinparadise Posted February 28, 2023 Share Posted February 28, 2023 (edited) 55 minutes ago, PleaseBlitz said: Again, per the article, it does not appear that the need to get a waiver from the league is a significant hurdle. He needed a waiver, he got a waiver. If he needs another waiver, all the facts point to him being able to get one. They lent him another 450 million to buy out the minority owners, waiving their debt limit for him to do it. According to Keim among others, they think the NFL is serious about him paying back the loan by 2026 and won't allow Dan to go into further major debt to buy the stadium with the other debt hanging. Let's say Keim among others are making all of that up for argument sake. Where do you have it that "all the facts" point to him being able to get further waivers? Edited February 28, 2023 by Skinsinparadise 1 Link to comment Share on other sites More sharing options...
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