A new report on the clash between Dan Snyder and the three other billionaire investors he forced out of the Washington Commanders offers some eye-popping details on the longtime NFL owner’s spending habits.
Snyder’s former co-owners, Dwight Schar, Robert Rothman and Frederick Smith, sold their stakes in the team, worth 40%, back to Snyder in 2021 for $875 million. Before that, however, they asked the NFL to address what they saw as financial misconduct on the part of Snyder.
According to documents cited in a new ESPN report, Snyder’s former partners questioned the owner’s agreement to lease his private jets to the team and then charge an additional “advertising fee” to emblazon the team’s logo on the tail of the jets. The team paid $4.5 million to Snyder under that deal, ESPN reports.
Snyder’s co-owners did not give official approval for the logos, nor did they sign off on Snyder’s personal $10 million salary collected from the team.
Snyder reimbursed himself $7 million for business expenses accrued between 2017 and 2020, and added another million for vehicle and security expenses, according to the report.
Costs included a July 2018 yacht party in the south of France featuring world-class food and wine, in which the Commanders owner hosted Dallas Cowboys owner Jerry Jones, Buffalo Bills owner Terry Pegula, and New England Patriots owner Robert Kraft.
Schar, Rothman, and Smith claimed in their petition to the league that Snyder used team funds without their knowledge or approval to help pay for two yachts, multiple residences, over 60 personal staff and their services, multiple other vehicles, food and beverages and entertainment.
Meanwhile, the former co-owners complained that the portion of the team’s revenue that did not come from shared television rights deals dropped by a third, going from $241 million in 2009 to $160 million in 2020.
Although the Commanders addressed other issues detailed in the ESPN report, including accusations that the team did not properly pay co-owners their share of profits, the team did not directly address Snyder’s spending in a statement Tuesday.
“All distributions by the team were and have always been made on a pro rata [by share of the whole] basis to all shareholders. As is the case for any NFL franchise, we are audited annually, and we are completely transparent in sharing all financials with the league for their review and oversight,” a team spokesperson said in a statement.
In response to the latest reports, former Washington Redskins punt return specialist and Super Bowl winner Brian Mitchell said that “Last Thursday there was so much excitement about the hiring of Eric Bieniemy. Now it’s only Tuesday and that’s all gone. They always do this, erase the good with some smut.”
Former Washington Redskins tight end and Super Bowl winner Rick “Doc” Walker was stealthier in his reaction, liking a fan’s tweet that said: “The Dan Snyder 30 for 30 is gonna be wild when it drops in a couple yrs lol.”
Snyder’s primary yacht, the “Lady S,” cost around $180 million and launched in April 2019, just months after Snyder took out a $55 million loan without the knowledge or assent of his co-owners.
Snyder’s residences include a property in England as his primary residence on a certificate for his company Snyder UK Investments Limited. His mansion in Potomac, Maryland, is currently being listed for sale for $49 million.
• Brad Matthews can be reached at bmatthews@washingtontimes.com.
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