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| 22nd August, 2005 - 9:53 am |  ESPN - 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. [READ] |
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