Posted Monday, May 3, 2010 12:32 AM | Contributed by Chitown
Washington Redskins owner Daniel M. Snyder is leaving the board of Six Flags and losing his equity investment in the amusement park company, a business he has chaired since winning a proxy fight five years ago.
Read more from The Washington Post.
This moron who sounds like a disgruntled Redskins fan (you know, the most profitable NFL franchise, apparently), says "Dan Snyder tanks another business." If anything, his appointments saved the company from decades of poor management. It was just too much to overcome, unfortunately.
As long as Shapiro stays on, I think SIX is in a very good position. Their marketing campaigns have been pretty successful, it sounds like the parks are cleaner and more enjoyable, and he stopped the glut of stupidity that was the cap-ex spending under Burke. In fact, I think we are getting close to the point where SIX may be in an enviable position to FUN after emerging from bankruptcy.Last edited by maXairMike, Tuesday, May 4, 2010 1:13 PM
^^Jeff, there is no doubt he is a disgruntled Skins fan because that is the only kind there is anymore. Since Snyder took over the team they have been squeezed for every nickle and seen nothing on the field to warrant it.
Snyder is hated by the Redskin fans for the parking stuff, for an attempt to make all season ticket holders pay with high interest rate Redskin Visas only (Visa stepped in and stopped him on that one.), and a pathetic on field product. He made his original money as a "slammer" in the long distance service wars. Can't get much sleazier than that.
None of this means the SFI bankruptcy was his fault, but if it caused Snyder some pain the Skin fans will relish it.
Snyder's best move with Six Flags was appointing Shapiro and being essentially hands-off since. Not the case with the Skins for the last 10 years, which is why I (and every other Redskins fan) am not crazy about the guy. He's an extremely successful businessman...doesn't make him a particularly good one, necessarily.
I'm looking forward to this season and seeing whether or not he truly will leave the managing to the new guy.
Snyder's follies w/the Skins are becoming the stuff of Legend. Though he may have made the business a profitable one now, eventually even the die hard fans of the Skins (other teams without such a die hard fanbase wouldn't lasted this long) will stop paying and the business will suffer as/if they continue to lose. I think this guy is spot on in his opinions of the NFL business Snyder runs.
But...He definitely didn't tank Six flags. In fact, he did a lot of the things for Six Flags that made the Skins so profitable, and it worked better for SFI because the sports team part of it (and die hard fans) are out of the equation.
Snyder came in, put more competent people running the company, cut costs the smart way, and brought in new revenue. I'm sure he knew going in that bankruptcy was an issue, and I think that the company declaring Chapter 11 was the right thing to do for the company.
Now they're in a better position, and if I'm correct, he still owns part of the company, right? He got what he wanted, helped Shapiro turn the company around, and now if the company rebounds as it appears to be doing, eventually stock will get relisted and go back up in price and he'll profit from it (I'm assuming. I wont' pretend to understand all of the terms and issues the company faces now under the bankruptcy protection/reemergence).
He had a small percentage of stock, which is now worthless. So, no, he really doesn't have any stake.
You must be logged in to post