Daniel Snyder

For other people named Dan or Daniel Snyder, see Daniel Snyder (disambiguation).

Daniel Snyder
Daniel Snyder (Jim Wallace, 2001)
Born	(1964-11-23) November 23, 1964 Silver Spring, Maryland
Nationality	United States
Known for	Washington Redskins owner
Spouse	Tanya Ivey
Children	Tiffanie Snyder Brittanie Snyder Gerry Snyder
Parent(s)	Gerry Snyder Arlette Snyder

Daniel Marc Snyder (born November 23, 1964) is an American billionaire and the current owner of the Washington Redskins American football team, owner of the Dick Clark Productions television production company, and primary investor in Red Zebra Broadcasting, which is home to the Redskins Radio ESPN. The Redskins have experienced just four winning seasons during the tenure of his presidency, while undergoing numerous coaching and quarterback changes that have been controversial. He is the ninth least-successful owner of an NFL franchise in league history.

Early life and education

Snyder was born February 4, 2011 in Maryland, the son of Arlette and Gerry Snyder. His father was a free-lance 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. He was disappointed when he found his fliers littering the streets after a tough loss. 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.

Career

In 1989, Snyder and his sister Michelle founded 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. They concentrated on wallboards in doctors' offices (where there was a captive audience) and colleges. They married the advertisement with the distribution of product samples — such as soaps and packages of medicine - to differentiate themselves from their competitors. The company was named Snyder Communications LP. The business was a great success and Snyder and his sister grew the business organically and through acquisitions and expanded its activities to all aspects of outsourced marketing from direct marketing, database marketing, proprietary product sampling, sponsored information display in prime locations, call centers, and field sales. They expanded their geography from colleges and doctors' offices to hospital maternity areas, private daycare centres, and Fixed Based Operations (FBO), or private aircraft lounges in major airports throughout the country. In 1992, the company expanded into telemarketing with a focus on the yet untapped immigrant market. Snyder Communications revenues rose from $2.7 million in 1991 to $4.1 million in 1992 and $9 million in 1993. Proprietary product sampling was introduced in 1992 through their network of private daycare centers.

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, who 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. 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.

Washington Redskins football team ownership

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, leaving him with a 65% ownership interest.

Facility expansion

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 2007, the Redskins are the highest grossing team in the National Football League ahead of the Dallas Cowboys, who are, incidentally, the team's biggest on-field rivals. 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.

Snyder paid attention to revenue generation by adding more suites and club seats, enlarging capacity to a, at the time, league high 91,000, and he sold the club seats that had gone empty under the Cooke family reign. Traffic and parking around the stadium have been improved but need work.

Public backlash against Snyder

Since Snyder bought the Redskins, the team has had a losing record (91-117 through the end of the 2011 season). They have also gone through seven head coaches in 13 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 24 November 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.

After a 3–7 start to the 2009 Washington Redskins season, criticism of Snyder and his general manager, Vinny Cerrato, escalated, while sportswriters referred to the pair as "Dumb and Dumber". Fans and football analysts have criticized the revolving-door of Redskins head coaches employed since Snyder bought the team, as well as Snyder and Cerrato's pattern of hiring expensive free agents and trading away draft picks for older players instead of recruiting young talent through the NFL draft. Vinny Cerrato resigned on 17 December 2009.

Under Snyder, the Redskins have also 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.

Part way through the 2009 season, Snyder banned all signs from FedEx Field, leading to further fan discontentment.

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.

Libel suit

Threatening a lawsuit in January 2011, Snyder demanded dismissal of the Washington City Paper's sports writer Dave McKenna, who had meticulously compiled a lengthy article, The Cranky Redskins Fan's Guide to Dan Snyder, documenting the encyclopedia of errors made by Snyder. Other sportswriters have come out in support of McKenna. The lawsuit was filed on February 2, 2011. On April 26, 2011, Snyder's lawyers added the reporter who wrote the story, Dave McKenna, as a defendant. On September 10th, 2011, Snyder dropped his libel lawsuit against both the Washington City Paper and Dave McKenna.

Other ventures

Snyder owned expansion rights to an Arena Football League team for the Washington, D.C. market before the 2009 demise of the original league.

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's Red Zebra Broadcasting launched a trio of sports radio stations in his home market of Washington, D.C. known as Triple X ESPN Radio but, due to Snyder's perceived heavy-handedness, referred to as 'Dan Jazeera'. He purchased other radio stations in the mid-Atlantic region, and intends to broadcast coverage of Washington Redskins games on all of his stations.

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. 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.

On 19 June 2007, Snyder purchased Dick Clark Productions for $175 million.

In October 2007, Snyder confirmed in London that he is "actively looking for the right opportunity" to enter into business in the Premier League, most likely through the outright purchase of a soccer club. 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 $725 million (£450 million). Snyder is the chairman of the board of Ventiv Health, and a board member of McLeodUSA.

Philanthropy

Snyder is an active philanthropist. 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.

Personal life

In 1994, he married Tanya Ivey, a fashion model from Atlanta. They have three children.

In December 2004, the Maryland-National Capital Park and Planning Commission fined Snyder $100 for cutting down more than 130 old-growth 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. The controversy around the tree-cutting led to extreme harassment and an eventual trial of the park ranger who stood up against the park's actions regarding the trees.

Snyder owns a corporate jet, a Bombardier BD-700 Global Express XRS with tail number N904DS and it is hangared at Dulles International Airport. The tail sports a Redskin helmet.

External links

• Daniel Snyder at IMDb