Dan Snyder Net Worth
|Net Worth:||$4 Billion|
|Date of Birth:||Nov 23, 1964 (57 years old)|
|Place of Birth:||Silver Spring|
|Profession:||Businessperson, Entrepreneur, Investor, Film Producer|
|Nationality:||United States of America|
What is Dan Snyder's Net Worth and Salary?
Dan Snyder is an American advertising executive who is best known as the owner of the NFL's Washington Commanders, which he purchased in 1999 when the team was called the Redskins. Dan Snyder has a net worth of $4 billion. 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.
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.
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.
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. The company was sold to the French marketing and public relations group Havas for $2 billion in 2000.
Washington Redskins / Commanders
Dan Snyder had his next major business deal in 1999 with his purchase of the NFL's Washington Redskins, now known as the Washington Commanders; 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. Later, 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.
Since purchasing the Washington Redskins, Snyder has been 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.
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.