Daniel Snyder | Srivideo
Born/Date of Birth: November 23, 1964
Place of Birth: Silver Spring, Maryland, United States
Known for: Owning the Washington Redskins NFL team
Net worth: US$2.6 billion (2019)
Spouse(s): Tanya Ivey (m. 1994)
Parents: Gerry Snyder, Arlette Snyder
Daniel Marc Snyder (born November 23, 1964) is an American businessman who is the majority owner of the Washington Redskins of the National Football League (NFL). Snyder bought the Redskins from Jack Kent Cooke's estate in 1999. He is also the founder of Snyder Communications.
Early life and education
Snyder was born on November 23, 1964 in Maryland, the son of Arlette (née Amsellem) and Gerald Seymour "Gerry" Snyder. His family is Jewish. His father was a freelance writer who wrote for United Press International and National Geographic. He attended Hillandale Elementary School in Silver Spring, Maryland. At age 12, he moved to Henley-on-Thames, a small town near London, where he attended private school. At age 14, he returned to the United States and lived with his grandmother in Queens, New York. A year later, his family moved back to Maryland and he graduated from Charles W. Woodward High School in Rockville, Maryland. His first job was at B. Dalton bookstore in the White Flint Mall.
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. 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.
Snyder courted real estate entrepreneur Mortimer Zuckerman, whose US News & World Report was also interested in the 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 $3 million in Campus USA. The venture did not generate enough paid advertising and was forced to close after two years.
In 1989, Snyder and his sister Michele founded a wallboard advertising (the sale of advertisements placed on boards inside buildings) company with seed money from his father, who took a second mortgage on his property in England, and his sister, who maxed out her credit cards at $35,000.
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. Snyder's top investors, including media mogul Barry Diller, New York investor Dan Lufkin, and Democratic Party icon Robert Strauss, earned significant returns on their initial investment. Mortimer Zuckerman and Fred Drasner, whom Snyder owed $3 million from the failure of his first business venture, were given company stock, which ended up being worth over $500 million. His parents sold their stock in the company for over $60 million.
He continued to expand the company aggressively through a string of acquisitions, including Arnold Communications in 1997. By 1998, the company had over 12,000 employees and $1 billion in annual revenues.. Snyder's personal share of the proceeds was estimated to be US$300 million.
In May 1999, Snyder purchased the Redskins and Jack Kent Cooke Stadium (now FedExField) for $800 million following the death of previous owner Jack Kent Cooke. 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. In order to pay down the team's debt, in 2003, he sold 15% of the team to real estate developer Dwight Schar for $200 million, 15% to Florida financier Robert Rothman for a like amount; and 5% to Frederick W. Smith, the founder of Federal Express (commonly known as FedEx), leaving him with a 65% ownership interest.
Since Snyder became owner, the Redskins' annual revenue increased from more than $100 million a year when Snyder took over the team in 1999 to around $245 million. As of 2014, the Redskins are the third highest grossing team in the National Football League behind the Dallas Cowboys, who are the team's biggest on-field rivals, and the New England Patriots. This is in part due to sponsorship arrangements with Anheuser-Busch, Coca-Cola, and Sprint, but mainly due to a $207 million deal with FedEx to gain naming rights to the Redskins' stadium, now named FedExField.
As of 2017, Snyder serves on six National Football League committees, including appointments to the Broadcast Committee, the Business Ventures Committee, the Digital Media Committee (for which he serves as Co-Chair), the International Committee, the Stadium Committee and the Hall of Fame Committee (which oversees the Pro Football Hall of Fame in Canton, Ohio). Separately, he is also a member of the Board of Trustees of the Pro Football Hall of Fame.
Since Snyder bought the Redskins, the team has had a losing record (142–193–1 through the end of the 2019 season). They have also gone through eight head coaches in 17 seasons. 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. A November 24, 2009 article in the Wall Street Journal also questioned whether Snyder's leadership style had alienated the Redskins fan base, questioning "Are the Redskins Losing Washington?" The article quotes from a Harris Interactive poll showing that whereas the Redskins in 2003 were the 6th most popular NFL team nationally, by 2009 they had fallen to No. 17, but in 2014 had climbed to #10.
Under Snyder, the Redskins sued season ticket holders who were unable to pay during the 2008–2009 U.S. recession. Snyder did this despite his claim that there are over 200,000 people on the season ticket waiting list. Partway through the 2009 season, Snyder banned all signs from FedExField, leading to further fan discontentment. The ban was lifted shortly thereafter.
Writing in Forbes magazine, Monte Burke states that distaste for Snyder has made the team name controversy worse than it needed to be, but there are others who defend his position. Redskins fans have also expressed discontentment about rising ticket and parking prices, and Snyder's policy of charging fans for tailgates in special areas of the stadium lot. The Redskins did not raise ticket prices from 2006 through 2012. Fans have also complained about the game-day experience. While problems such as traffic and parking were inherited when Snyder bought the team, fans have expressed displeasure with Snyder-led initiatives that they feel distract from the enjoyment of attendance. One fan explains:
There's too much hoopla ... Fireworks. Loud music. It's not about the game anymore. They’re trying to generate excitement in an artificial way. It's a distraction. Redskins fans are loyal and loud—they can do it by themselves."
— Steve Lann, whose family has been a season ticket holder since the 1950s
Threatening a lawsuit in January 2011, Snyder demanded dismissal of Washington City Paper's sports writer Dave McKenna, who had penned a lengthy article for the alternative newspaper called "The Cranky Redskins Fan's Guide to Dan Snyder", creating a critical list of controversies involving Snyder. McKenna had been needling Snyder for years in his columns, and the front-page of the article had a defaced picture of Snyder with Devil's Horns and a scraggly beard, which incensed Snyder who felt the picture was antisemitic. Other sportswriters have come out in support of McKenna. In a statement released by the Simon Wiesenthal Center, while acknowledging that public figures are fair game for criticism, said the artwork used by the City Paper was reminiscent of "virulent anti-Semitism going back to the Middle Ages" and urged the City Paper issue an apology. Mike Madden of the City Paper issued a statement saying they take accusations of antisemitism very seriously and said the artwork was meant to "resemble the type of scribbling that teenagers everywhere have been using to deface photos" and the cover art was not an antisemitic caricature. Snyder made good on his threat, and on February 2, 2011 filed suit against the City Paper. Two months later McKenna was also added to the suit as a defendant. However less than four months later in September 2011, Snyder dropped the suit against both parties.
Redskins name controversy
Since his purchase of the Redskins in 1999, Snyder has been repeatedly pressured to change the team's name by numerous fans, politicians, and advocacy groups because redskin is a derogatory term for Native Americans. In May 2013, in response to a question regarding the teams' Federal Trademark, Snyder told USA Today "We'll never change the name. It's that simple. NEVER—you can use caps." Following his refusal to meet with Native American advocates for name change, Snyder was framed as an enemy of their cause. A pitched public relations battle in 2013 and 2014 led Snyder to employ crisis management and PR firms in an effort to defend the name. Snyder's creation of the Washington Redskins Original Americans Foundation in 2014 was seen as a "cheap effort to buy favor from Indian communities." A 2018 USA Today column called Snyder "the worst owner in the NFL" due, in part, to his alleged racism.
Following the killing of George Floyd in 2020, renewed calls to change the name led to pressure from the team's major sponsors. On July 3, the franchise announced that it was "undergoing a thorough review of the team name." On July 4, 2020, however, Sports Illustrated's RedskinsReports.com revealed that despite the fact that his team lost sponsors, Snyder would still use a Native American name if there were a name change and would also keep the current Redskins emblem and uniform color.
In 2004, Snyder brokered a deal with the National Park Service to remove old growth trees from the 200 feet (61 m) of national parkland behind his home to grant him a better view of the Potomac River, on the condition that Snyder would replace the trees with 600 native saplings. 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 his $10 million home's value. The clearcutting was started without approval from Montgomery County, Maryland, and without environmental assessments, as required by law. As a result, Snyder was fined $100 (equivalent to $135 in 2019) by the Maryland-National Capital Park and Planning Commission in December 2004. Snyder's neighbors also filed complaints regarding his clearcutting of scenic and historic easements behind his home.
The NPS ranger that investigated the complaints of Snyder's neighbors and clearcutting along the Potomac was transferred multiple times due to his continued pursuit of the complaints and the Snyder property. Eventually, the NPS ranger filed a whistleblower complaint regarding the Snyder case. Later, the ranger's anonymity as a whistleblower was lost, potentially leading to extreme harassment and a trial of the park ranger, ultimately ending the ranger's career. Snyder has still not replanted the trees and has faced no other consequences aside from his fine.
Snyder owned expansion rights to an Arena Football League team for the Washington, D.C. market before the 2009 demise of the original league. He purchased the rights to the team for $4 million in 1999. The team was going to be called the Washington Warriors and play their games at the Comcast Center in 2003 but the team never started.
In 2005, he bought 12% of the stock of amusement park operator Six Flags through his private equity company RedZone Capital. He later gained control of the board placing his friend and ESPN executive Mark Shapiro as CEO and himself as chairman. In April 2009, the New York Stock Exchange delisted Six Flags' stock as it had fallen below the minimal required market capitalization. In June 2009, Six Flags announced that they were delaying a $15 million debt payment and two weeks later, Six Flags filed for Chapter 11 bankruptcy protection. As part of the reorganization, 92% of the company ended up in the hands of their lenders and Dan Snyder and Mark Shapiro were removed from their positions. Snyder lost his entire investment.
In July 2006, Snyder was referred to as 'Dan Jazeera' after his Red Zebra Broadcasting company launched a trio of sports radio stations in Washington, D.C. He purchased other radio stations in the mid-Atlantic region, and intends to broadcast coverage of Washington Redskins games on all of his stations. The same month, 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. Snyder is credited as an executive producer for the 2008 movie Valkyrie, which stars Cruise.
In February 2007, it was announced that Snyder's private equity firm Red Zone Capital Management would purchase Johnny Rockets, the 1950s-themed diner chain. RedZone Capital Management sold the company to Sun Capital Partners in 2013. From 2007–2012, Snyder also owned Dick Clark Productions.
In 1994, he married Tanya Ivey, a former fashion model from Atlanta. Tanya Snyder is now a national spokesperson for breast cancer awareness. They have three children.
He contributed $1 million to help the victims of the September 11 attacks; he donated $600,000 to help victims of Hurricane Katrina; and he paid the shipping costs for charitable food shipments to aid those affected by the 2004 tsunami in Indonesia and Thailand. His disaster relief efforts continued in 2016 following Hurricane Matthew, dispatching his private plane to provide emergency supplies in the Bahamas and medical supplies to Hospital Bernard Mevs in Port-au-Prince, Haiti.
In 2000, Snyder founded the Washington Redskins Charitable Foundation, which is active in the Washington, D.C. area. Snyder has been a long-time supporter of Youth For Tomorrow, an organization founded by former Redskins head coach and Pro Football Hall of Famer Joe Gibbs. In April 2010, the organization presented Snyder with its Distinguished Leader Award.
In 2014, Snyder formed the Washington Redskins Original Americans Foundation to provide opportunities and resources to aid Tribal communities. The foundation was formed to address the challenges in the daily lives of Native Americans. Snyder has also supported the Washington's Children's Hospital, the National Center for Missing and Exploited Children (NCMEC), and other organizations. In May 2014, Snyder and his wife Tanya received the Charles B. Wang International Children's Award from the NCMEC.
In 2005, Snyder was inducted as a member of the Greater Washington Jewish Sports Hall of Fame. Snyder owns a corporate jet, a Bombardier BD-700 Global Express XRS.
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