Dan Snyder - what lead him to finally sell

Fuck Dan Snyder and the horse he rode in on

/thread

Fuck Dan Snyder and the whores he rode on.

SS this is well documented by news outlets everywhere. Corporate sponsors became disgusted with his behavior and realized doing business with him was bad for them, his revenue declined. As attendance declined as a result of consistent mediocrity thanks in part to his meddling in personnel decisions, revenue declined further. As revenue declined he struggled to meet financial commitments. He excluded Fred Smith and Dwight Schar, his minority partners, from having a say by refusing to hold board meetings. They eventually decided he was so toxic to their revenue stream that it was in their interests to sell their stake. When they did, Snyder got a waiver from the NFL, allowing him to take out more debt on the Commanders than any NFL team ever had, so he could buy them out. At that point he was $1.1B in debt, with declining attendance, declining sponsorship revenue. Other owners hated him and he was being investigated by Mary Jo White, but it was the inability to make enough money to make the payments on the $1.1B debt that forced him to sell.

Let this be an example of how capitalism can deliver a business owner the comeuppance he sometimes deserves. The corporate sponsorships and every fan who decided it wasn’t worth it to buy tickets and go to games had a hand in ushering Snyder out. Forbes disagrees.


https://www.si.com/nfl/commanders/news/washington-commanders-richest-franchises-sports-nfl-forbes-dan-snyder

Forbes disagrees.

https://www.si.com/nfl/commanders/news/washington-commanders-richest-franchises-sports-nfl-forbes-dan-snyder

Damn, Emmanuel Forbes is evaluating profit and loss statements after practice? Mad respect.

Forbes disagrees.


https://www.si.com/nfl/commanders/news/washington-commanders-richest-franchises-sports-nfl-forbes-dan-snyder

On the one hand, 13th in the world is 'good' (value, not performance). On the other its all but a quarter of what the Cowboys brought in in the same period. DS wanted to be Jerruh, but only ever became a lesser version.

Forbes disagrees.


https://www.si.com/nfl/commanders/news/washington-commanders-richest-franchises-sports-nfl-forbes-dan-snyder

Without thumping my chest, you're talking to a CFO of a very large urban academic hospital, I'm used to evaluating financials.

The operating income referenced by Forbes here is the three year operating income from 2019 through 2021.

Fred Smith and Dwight Schar sold their stakes in 2021. In March of 2022, Anheuser Busch declined to renew their sponsorship with the team. Medliminal severed its sponsorship arrangement in February of 2022.

Meanwhile here is the Commanders home game attendance, trended by year:

2012 RG3: 637K
2017: 601K
2019: 523K
2021: 422K
2022: 523K (NINE home games)

So the decline in sponsorships and attendance isn't fully reflected in the time period chosen by Forbes.

Further, Operating Income does not include cash payments for the repayment of debt principal. So if I make $290M in operating income in three years, that's great, but if I have to repay $350M in principal payments to the bank during those same three years, I'm ($60M) poorer after those three years than I was at the beginning of them.

He owes more to the bank than $290M could cover, and it was only getting worse.

https://media.tenor.com/5PF8jrX1ph0AAAAd/all-due.gif

And I'd add, the fact that Snyder couldn't make it work with the 13th most operating income of any sports franchise in the world is a testament to just how terrible an owner he was.

And SD, I wake up in the morning and I piss excellence. What do you say we get thrown out of an Applebees.

but it was the inability to make enough money to make the payments on the $1.1B debt that forced him to sell.


I on the other hand think it was his cooking the books on the shared revenue that really did him in with the owners. I think that was the one unforgivable thing Dan could have done, and he did it. He was stealing from other NFL owners and they sure as shit were going to vote his ass out.

Those owners didn't give two fucks what Dan did outside of that. He could have been caught beating his wife while wearing black face paint screaming the N word and they wouldn't have done shit other than fine him. Sexual harassment? No biggie. They were well on their way of covering that whole scandal up. Soon as they caught him stealing from other owners.....holy hell that was the line in the sand.

Forbes disagrees.


https://www.si.com/nfl/commanders/news/washington-commanders-richest-franchises-sports-nfl-forbes-dan-snyder


Don't believe this Forbes shit. They once said Trump was worth 4 billion and he's not. Most of this shit is just PR.