Snyder CEO Buys Washington Redskins
The sale, if approved by three-quarters of NFL owners later this month or by March, would make the Redskins the highest priced U.S. sports franchise ever.
Snyder Communications, Bethesda, MD, made 12 acquisitions in 1998 totaling more than $530 million but chairman/CEO Snyder said buying the Redskins is his most high-profile deal to date. He and the Milsteins, who are New York real estate developers, will each control approximately one-third of the team. Mortimer Zuckerman, owner of U.S. News & World Report and the New York Daily News, will be one of the minority owners.
Snyder's group outbid three others for the right to acquire the franchise previously owned by the late Jack Kent Cooke. Among the other bidders were Charles Dolan, owner of Cablevision Systems and the New York Knicks and Rangers; John Mullen, owner of the New Jersey Devils; and a group led by Cooke's son, John Kent Cooke.
Snyder said the bid for the Redskins was unrelated to Snyder Communications but would raise awareness of the company.
"I'm a lifelong Redskins fan, a Washingtonian, and I am fulfilling a dream," he said. "This is done personally, but I am in the world of marketing -- and my expertise can be helpful to the Washington Redskins franchise."
Snyder said his priority now is gaining approval for the purchase and will worry about marketing specifics later.