Daniel Snyder: Difference between revisions
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{{otherpeople4||other people named Dan or Daniel Snyder|Daniel Snyder (disambiguation)}} |
{{otherpeople4||other people named Dan or Daniel Snyder|Daniel Snyder (disambiguation)}} |
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''Dan Snyder ruined the Washington Redskins. It's true. |
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'''Daniel M. Snyder''' (born November 23, 1965) is the current owner of the [[Washington Redskins]] [[American football]] team, Chairman of the Board of [[Six Flags|Six Flags Inc.]]<ref>[http://investors.sixflags.com/phoenix.zhtml?c=61629&p=irol-govBoard Six Flags - Investor Relations - Board of Directors<!-- Bot generated title -->]</ref>, the world's largest [[amusement park]] and [[theme park]] operator, owner of the [[Johnny Rockets]] restaurant chain, and primary investor in [[Red Zebra Broadcasting]], which is home to the Redskins Radio Network. Snyder has a net worth of $1.3 billion. |
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==Formative years== |
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Snyder’s father was a free-lance writer who wrote for United Press International and National Geographic, and he was raised and schooled mostly in nearby Maryland. Snyder took his first job at B. Dalton bookstore at the age of 14. |
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At 17, Snyder experienced his first business failure when he partnered with his father to sell bus-trip packages to [[Washington Capitals]] fans to see their hockey team play in Philadelphia. |
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By age 20, he had dropped out of the [[University of Maryland, College Park]] and was running his own business, leasing jets to fly college students to spring break in Fort Lauderdale and the Caribbean. Snyder claims to have cleared US$1 million running the business out of his parents' bedroom with a friend and several telephone lines.<ref>{{cite news| url = http://www.chibus.com/media/storage/paper408/news/2004/10/28/GsbNews/Evc-Lines.Up.Dan.Snyder.As.Luncheon.Keynote.For.November.12.Conference-785894.shtml?norewrite200607250248&sourcedomain=www.chibus.com | title = From a College Dropout to Billionaire Owner of Washington Redskins |date = 2004-10-28 | publisher = Chicago Business Online }}</ref>. |
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Snyder courted real estate entrepreneur [[Mortimer Zuckerman]], whose US News & World Report was also interested in college market, and who agreed to finance his push to publish Campus USA, a magazine for college students. Zuckerman and Fred Drasner, co-publisher of Zuckerman's New York Daily News, invested nearly $3 million behind Campus USA. That venture could never generate enough paid advertising and was forced to close after three years. |
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Despite the collapse of CampusUSA, Snyder began to pursue WallBoards, an advertising venture designed to reach "targeted populations," with the backing of Drasner and Zuckerman. |
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==Marketing magnate== |
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In 1988, Snyder and his sister Michelle founded a marketing company, '''[[Snyder Communications|Snyder Communications Inc.]] ''' (SNC). Their activities were mainly outsourced marketing services, such as [[Direct marketing]], [[database marketing]], proprietary product sampling, sponsored information display in prime locations, call centres, field sales. |
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In an [[Initial Public Offering]] for SNC in September 1996, Daniel Snyder became the youngest ever [[CEO]] of a [[New York Stock Exchange]] listed company at the age of 32<ref>{{cite news| url = http://www.fastcompany.com/magazine/09/one.html | title = The Secrets of Their Success - and Yours |date = June, 1997 | publisher = Fast Company Magazine }}</ref>. |
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He expanded the company aggressively through a string of acquisitions, and in April 2000, Snyder Communications was sold to the French advertising and marketing services group [[Havas]] in an all-stock transaction valued at in excess of US$2 billion, the largest transaction in the history of the advertising/market industry. Snyder’s personal share of the proceeds was estimated to be US$300 million<ref>{{cite news | url = http://www.forbes.com/2000/09/08/mu1.html | title = The Greening Of The Redskins |date = 2000-09-08 | publisher = Forbes Magazine }}</ref>. |
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==Football== |
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As a youngster, his first love had always been [[American football|football]], and the Redskins were his team. This love for the Washington Redskins came from his father. Every fall they would spend Sunday afternoons at [[Robert F. Kennedy Memorial Stadium|RFK Stadium]], where the Redskins used to play. |
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In May 1999,he purchased the team and their then two-year old stadium for $800 million following the death of the previous owner. At the time, it was the most expensive transaction in sporting history. The deal was financed largely through borrowed money, including $340 million borrowed from [[Société Générale]] and $155 million debt assumed on the stadium. Annual loan servicing costs are an estimated $50 million. Snyder was very interested in the appearance of the team and the surrounding area. Under Snyder's stewardship, a naming rights deal with FedEx saw the stadium's name change from Jack Kent Cooke Stadium to FedEx Field. |
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While Snyder has been owner, the Redskins' annual profit has increased nearly $100 million. As of 2007, the Redskins are the second-highest grossing team in the [[National Football League]] behind only the [[Dallas Cowboys]], who are, incidentally, the team's [[Cowboys–Redskins rivalry|biggest on-field rivals]].<ref>[http://www.forbes.com/business/2007/09/13/dallas-cowboys-stadium-biz-07nfl_cx_mo_0913nflintro.html How 'Bout Them Cowboys? - Forbes.com<!-- Bot generated title -->]</ref> This is in part due to sponsorship arrangements with [[Anheuser-Busch]], [[Coca-Cola]], and [[Sprint Communications|Sprint]], but mainly due to the aforementioned $207 million deal with [[FedEx Corporation|FedEx]] to gain naming rights to the Redskins' stadium, now named [[FedExField]].<ref>http://www.forbes.com/lists/2007/30/biz_07nfl_Washington-Redskins_300925.html</ref> Snyder paid attention to revenue generation by adding more suites and club seats, enlarging capacity to a league-high 84,000-plus, and he sold the club seats that had gone empty under the Cooke family reign. Traffic and parking around the stadium have been improved, and there are now two escalators to the upper levels of the stadium, however, they are only for club level ticket holders. Ticket prices and parking prices have risen significantly since Snyder took ownership of the team, and fans have expressed discontentment at Snyder's policy of charging for tailgates in special areas of the stadium lot. |
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Since Snyder bought the Redskins, the team has had a losing record (78 wins and 88 losses, as of October 18, 2009). In October 2009, several articles in Washington area newspapers criticized Snyder, alleging that his managerial style was partly to blame for the Redskins' on-field struggles.<ref>http://www.washingtonpost.com/wp-dyn/content/article/2009/10/13/AR2009101303177.html</ref><ref>http://www.washingtonpost.com/wp-dyn/content/article/2009/10/09/AR2009100903201.html</ref><ref>http://www.washingtontimes.com/news/2009/oct/12/dan-daly-problems-with-redskins-o-line-start-at-to/</ref> |
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Snyder currently owns expansion rights to an [[Arena Football League]] team for the [[Washington, D.C.]] market,<ref>[http://www.usatoday.com/sports/football/2006-12-19-espn-afl_x.htm ESPN buys stake in Arena Football]</ref> however no timetable have been announced for creating an AFL team there. |
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==Six Flags== |
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In August 17, 2005, Snyder’s investment vehicle, Red Zone, began a [[proxy battle]] to gain control of [[Six Flags|Six Flags Inc.]]'s board of directors. On November 22, 2005, Red Zone announced victory in the battle for control over the loss-making [[amusement park]] operator which provided for the removal of three board members and replacement by three new directors, including the CEO, chosen by Snyder. As of year end 2005, Snyder owned 11.7% of Six Flags Inc. Snyder is the Chairman of the Six Flags board. Snyder eliminated the popular [[Mr. Six]] character from Six Flags commercials. Unfortunately, despite Snyder's efforts, Six Flags filed for chapter 11 bankruptcy on 13 June 2009 and all locations remain open for business.<ref>http://www.nytimes.com/2009/06/14/business/14sixflags.html?hpw</ref><ref>http://news.yahoo.com/s/ap/20090613/ap_on_bi_ge/us_six_flags_bankruptcy</ref> |
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==Other ventures== |
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According to his 2001 tax returns, .5% of his annual income was generated from a local independent film company specializing in children's cartoons encouraging proper sensitivity towards minorities. |
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In December 2004, the [[Maryland-National Capital Park and Planning Commission]] fined Snyder $100 for cutting down more than 130 mature trees near his $10 million [[Maryland]] residence above the [[Chesapeake and Ohio Canal National Historical Park]] and the [[Potomac River]] without first obtaining permission from the Commission, although the [[National Park Service]] had signed off on the project. Lenn Harley, a [[real estate broker]] who was not involved in Snyder's purchase of the estate but was familiar with the area, estimated that the relatively unobstructed view of the river and its surroundings that resulted from Snyder's clearing could add $500,000 to $1 million to the home's value. <ref> [http://www.nathpo.org/News/Federal/News-Federal_Agencies37.htm Craig, T., "Park Service Could Profit From Allowing Snyder To Clear His Land"], Washington Post, March 6, 2005, Page A01. </ref> |
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In July 2006, Snyder's [[Red Zebra Broadcasting]] launched a trio of [[sports radio]] stations in his home market of [[Washington, D.C.]] known as [[WWXX|Triple X ESPN Radio]]. He also purchased other radio stations in the mid-Atlantic region, and intends on airing his Washington Redskins on all of his stations. |
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In July 2006, Snyder and other investors signed a deal to provide financing to the production company run by [[Tom Cruise]] and his partner, [[Paula Wagner]]. This came one week after Paramount Pictures severed its ties with Cruise and Wagner.<ref>http://washington.bizjournals.com/washington/stories/2006/08/28/daily20.html</ref> Snyder is credited as an executive producer in the Tom Cruise major motion picture, [[Valkyrie]].<ref>http://www.imdb.com/title/tt0985699/fullcredits</ref> |
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In February 2007, it was [http://www.nytimes.com/2007/02/09/business/09deal.html?th&emc=th announced] that Snyder's RedZone Capital would purchase [[Johnny Rockets]], the 1950s-themed diner chain. |
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On June 19, 2007, Daniel Snyder purchased [[Dick Clark Productions]] for $175 Million. |
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He is also currently the [[Chairman|Chairman of the Board]] of Ventiv Health, and a board member of McLeod USA. |
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In October 2007, Snyder confirmed in [[London]] that he is "actively looking for the right opportunity" to enter into business in the [[English Premier League]], most likely through the outright purchase of a [[soccer]] team. [[Tottenham Hotspur F.C.]] of North London is reported to be the most likely team to be bought by Snyder, which is currently on the market for about $900 million (£450 million) <ref>[http://www.dailymail.co.uk/pages/live/articles/columnists/columnists.html?in_article_id=490008&in_page_id=1951 Is Redskins chief on trail of Spurs? | the Daily Mail<!-- Bot generated title -->]</ref>. |
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==Personal== |
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Snyder is married to his wife Tanya, with whom he has two daughters and a son. His two daughters and son attend a private school in [[Bethesda, Maryland]] called The Harbor School.{{Citation needed|date=December 2007}} On May 3, 2008, Snyder announced at the Larry King Cardiac Foundation in Washington, D.C., that Tanya was being treated for breast cancer.<ref>[http://www.washingtonpost.com/wp-dyn/content/article/2008/05/04/AR2008050402238.html Amy Argetsinger and Roxanne Roberts - Tanya Snyder Battles Breast Cancer - washingtonpost.com<!-- Bot generated title -->]</ref> She underwent surgery at Minnesota's Mayo Clinic on Friday, May 2 2008.<ref>http://washingtontimes.com/apps/pbcs.dll/article?AID=/20080505/SPORTS01/921351364/1005</ref> |
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==See also== |
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*[http://www.redskins.com/ Washington Redskins site] |
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*[http://www.findarticles.com/p/articles/mi_m1208/is_35_224/ai_65014736 Sporting News article, August 28, 2000] |
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*[http://www.czabe.com/backup/week4_2002/Forward%20Motion%20(washingtonpost_com).htm ''Forward Motion'', Washington Post, September 15, 2002] |
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==References== |
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{{reflist}} |
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==External links== |
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*[http://www.washingtonian.com/blogarticles/people/capitalcomment/6295.html Snyder's Six Flags Sinking Fast]", ''Washingtonian'', [[January 25]] [[2008]]. |
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{{NFLOwners}} |
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{{RedskinsOwner}} |
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{{start box}} |
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{{succession box | title=[[Washington Redskins]] Owner| before=Estate of [[Jack Kent Cooke]]| years=1999-present| after=current owner }} |
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{{end box}} |
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{{DEFAULTSORT:Snyder, Daniel}} |
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[[Category:National Football League owners]] |
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[[Category:Washington Redskins owners]] |
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[[Category:Businesspeople in advertising]] |
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[[Category:Jewish American sportspeople]] |
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[[Category:1965 births]] |
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[[Category:Living people]] |
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[[fr:Daniel Snyder]] |
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Revision as of 02:03, 19 October 2009
Template:Otherpeople4 Dan Snyder ruined the Washington Redskins. It's true.