What is Dan Snyder's Net Worth and Salary?
Dan Snyder is an American advertising executive and sports team owner who has a net worth of $5 billion. Dan Snyder is best known for being the owner of the NFL's Washington Commanders football team, which he purchased in 1999 for $800 million when the team was called the Redskins.
His ownership has been met with significant controversy due to multiple allegations of a toxic workplace culture. Additionally, during Snyder's time as owner, his team has had a losing record every season. Dan sold the team in May 2023 for $6 billion to private equity honcho Josh Harris and a group of investors. At the time of the sale it set the record for most expensive North American sports team sale ever.
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Early Life and Education
Daniel Snyder was born on November 23, 1964 in Silver Spring, Maryland to Jewish parents Gerald and Arlette. Growing up, he went to Hillandale Elementary School. When he was 12, Snyder moved to Henley-on-Thames in England, where he went to a private school. He came back to the United States two years later to live with his grandmother in New York City, and then moved back to Maryland to attend Charles W. Woodward High School. For his higher education, Snyder enrolled at the University of Maryland, College Park, but ended up dropping out.
Career Beginnings
At the age of 20, Snyder was running his own business leasing jets for college students to fly to Florida and the Caribbean during spring break. His next business venture was a college magazine called Campus USA, which he was able to get funded by real estate entrepreneur Mortimer Zuckerman and publisher Fred Drasner. Campus USA ultimately shut down after two years due to a failure to get adequate paid advertising.
Snyder Communications
In 1988, Dan Snyder partnered with his sister Michele to found the wallboard advertising company Snyder Communications. The pair focused primarily on wallboards in colleges and doctors' offices, and distributed samples of products to bolster their advertising. The company was very successful, and eventually expanded its operations to include direct marketing, database marketing, call centers, and more.
In 1992, Snyder Communications began telemarketing activities. Four years later, the company went public, making Snyder the youngest-ever CEO of a company listed on the New York Stock Exchange, at the age of 32. He continued to grow the company at a fast rate via a series of acquisitions. By 1998, Snyder Communications had more than 12,000 employees and $1 billion in annual revenue.
In 2000 Dan sold his company to the French marketing and public relations group Havas for $2 billion. His personal windfall from the sale was $300 million.
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Washington Redskins / Commanders
Dan Snyder purchased the NFL's Washington Redskins, now known as the Washington Commanders in 1999. He also purchased Jack Kent Cooke Stadium. The $800 million transaction was, at the time, the most expensive in the history of professional sports. However, it was mostly financed via loans, putting the Redskins in debt. To pay the debt off, Snyder sold portions of his ownership to financier Robert Rothman and businessmen Dwight Schar and Frederick W. Smith.
In 2020, these minority owners attempted to sell their combined stake to an outside party, which Snyder blocked. Following a period of litigation, Snyder received a debt waiver of $400 million to buy the remaining ownership stake back.
Snyder sold the Commanders in May 2023 to a group of investors led by private equity honcho Josh Harris for $6 billion.
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Controversies
During his time as owner of the Washington Redskins, Snyder was embroiled in a number of major controversies. One of them had to do with the team's offensive name, which Snyder repeatedly refused to change despite pressure from advocacy groups, fans, and politicians alike. He only relented in 2020 when shareholders and investors urged league sponsors to cut their ties if the team didn't change its name. Eventually, the name was changed to the Washington Commanders in 2022. Snyder also drew criticism for the allegedly toxic workplace culture he had fostered. In a series of Washington Post articles, it was revealed that more than 40 former female employees of the Commanders had been sexually harassed by Snyder and other male employees. Following an independent investigation that confirmed the abusive workplace, the team was fined $10 million by the NFL.
Among other controversies, Snyder was exposed as having deliberately underreported ticket sales to the NFL and the IRS. It was also alleged that he drove up prices by selling cheap tickets to third-party vendors. Beyond football, Snyder has also gotten into trouble for his environmental disregard. In 2004, he made a deal with the National Park Service to cut down old growth trees on national parkland behind his house, all so he could better see the Potomac River. Numerous neighbor complaints ensued, followed by an NPS ranger investigation and a whistleblower complaint.
Other Business Endeavors
Through his private equity firm RedZone Capital, Snyder purchased 12% of the stock of Six Flags in 2005. Later, he became chairman of the board of the company. After Six Flags filed for Chapter 11 bankruptcy protection in 2009, Snyder was removed from his position. Among his other ventures, Snyder purchased the restaurant chain Johnny Rockets through RedZone; he eventually sold the company in 2013 to Sun Capital Partners. From 2007 to 2012, he owned Dick Clark Productions.
Personal Life
In 1994, Dan Snyder wed former fashion model Tanya Ivey. The couple has three children and resides in Alexandria, Virginia. Ivey became co-CEO of the Washington Commanders in 2021.
Yacht
Over the years Dan has owned a number of impressive yachts. In 2011 he paid $70 million for a 224-foot yacht called Lady Anne.
Spanning 224 feet, Dan Snyder's yacht has five decks and room for 16 guests and separate areas for a staff of 18. Each room is fully stocked with luxury features, such as Jacuzzi hot tubs. The master suite for Snyder is crafted with top-of-the-line Thassos marble, known as one of the most rare and expensive types of marble in the world. On board amenities include a cocktail bar, lounge and dining areas. There is also a library, theater screening room and full gymnasium.
The outdoor decks have their own features, such as a open-air bar, lounge and dining area, letting the guests enjoy the stunning views offered. This super yacht is powered by twin diesel engines that each produce 2,375 HP. This gives it a top speed of 17.4 knots and it can cover 5,500 nautical miles on a single tank.
In January 2019 he paid $100 million for a 305-foot yacht called Lady S. Lady S features an onboard 12-seat IMAX movie theater, helipad, and facilities for golf, basketball, volleyball, and more.
Virginia Estate
In November 2022 Dan paid $48 million for a 16.5 acre property in Alexandria, Virginia that historically was part of George Washington's 1,800-acre River Farm estate. Here's a video tour:
Potomac Mansion
In July 2001, the same year he sold his business for $2 billion and a year after he purchased the Redskins, Dan bought an enormous stately mansion in Potomac, Maryland, for $8.64 million. The seller was the King of Jordan and his wife Queen Noor. The 15-acre property features a 30,000 square foot mansion. Here's a video tour of Dan Snyder's Potomac property:
Other Real Estate
Outside of the D.C. area, Dan and his wife also own a 12,000 square foot mansion in Aspen, Colorado and a mansion in London.
