WASHINGTON -- Dan Snyder's marketing savvy pushed the Washington Redskins' revenues last year to $300 million, nearly double the amount the team was grossing when he bought the franchise in 1999.
Snyder outlined some details of the Redskins' finances in a document he filed this week with the Securities and Exchange Commission in connection with his attempted takeover of Six Flags amusement parks.
While the Redskins were already considered a profitable franchise, the documents reveal that the franchise belongs in the upper echelons of moneymaking in U.S. sports. The document puts the Redskins' annual revenues at $162 million in 1999, when Snyder bought the team and its stadium for $800 million.
Snyder made his original fortune through marketing, and he has applied his expertise fully with the Redskins. Sponsorship revenue,
for example, has risen 1,200 percent -- from $4 million to $48
million -- in six years. Some 10,000 seats have been added to the
stadium, which has a capacity of nearly 92,000 and is the largest
in the NFL. More efficient concession services have led to greater
customer spending, with the average fan spending $15 for food per
game instead of the $9 when Snyder bought the team.
The documents do not reveal the Redskins' annual profit. Player salaries and mortgage on the stadium are just two major annual expenditures, but the team appears to be making considerably more than previous estimates of $50 million a year.
The financial wizardry hasn't helped Redskins reach Snyder's stated goal of winning the Super Bowl. The team hasn't had a winning season since 1999. He bought the team in May of that year and kept the existing coaching staff and players in place for that season.