UPDATED: Large investors not happy with Six Flags performance

Posted Tuesday, August 31, 2004 4:05 PM | Contributed by coasterguts

Daniel Snyder, owner of the Washington Redskins football team, bought an 8.8 percent stake in Six Flags Inc. and said he hopes to influence management to maximize the amusement park operator's value, perhaps through a merger or sale, a securities filing shows.

Read more from Reuters via Yahoo.

UPDATE: Bill Gates' investment company, Cascase Investment LLC, is also unhappy with Six Flags' performance. That company owns 11.8% of Six Flags.

Read more from The Puget Sound Business Journal.

Tuesday, August 31, 2004 9:37 AM
Well, if there ever was a big spender in the world of sports (next to Steinbrenner and Jerry Jones) Snyder is it. He thought that just by "buy" high-priced players would led the skins back to the super bowl, think again money boy. I wouldn't take any advice from him and if they did, I would take it with a grain of salt.

Guess only time will tell to see if Snyder's "influence" will either help or hurt the company

Tuesday, August 31, 2004 9:56 AM
Maybe they will brand out and have themed NFL rides at the parks now. LOL
Tuesday, August 31, 2004 10:07 AM
hey, as long as he has Gibbs as team president, he cant screw up any more freaking draft or player calls.....he should have let the coaches run the team for the last decade, maybe we would have one some games!!!

anyway...sorry about that....Snyder is, while a terrible interference sometimes to the team he owns, a very intelligent business man. so hopefully he can offer some help to the struggling Six Flags....

Tim....who can see it now, a new ride at SFA based on some kind of Redskins legend....lol :)

Tuesday, August 31, 2004 10:10 AM
You know, Snyder did get Joe Gibbs to come out of retirement.
Tuesday, August 31, 2004 10:16 AM
I don't even think it matters what kind of business man he is as along as he can put pressure on the company to shake up its management. Let's be realistic here, the Burke way isn't working, and it hasn't been for years. Any large stake holder should be making noise. Bill Gates' holding company is another that should be up in arms.
Tuesday, August 31, 2004 10:20 AM
I don't know if Synder got Joe Gibbs out of retirement or if Joe Gibbs wanted to come back and coach football. Dan just provided the money to make sure Joe came back to the skins. Regardless... Dan Snyder is brilliant at marketing. His marketing talent has made the Redskins one of the financially stronger teams in the NFL. He owns a stadium capable of holding 91,000 people. The biggest in the NFL. However, you have to pay $25 per parking per game and one has to wonder if we will be paying $5 for Hot Dogs, $7 for Beer, $3.75 for soda and $1000 for Season Passes before long.

I was calling for Burke's resignation/dismissal last season and I second Jeff's call this seaon. The Burke way isn't working. Sounds like Dan Snyder has been to SFA recently.
*** This post was edited by coasterguts 8/31/2004 10:22:16 AM ***

Tuesday, August 31, 2004 10:29 AM
I think this is a simpler play---he realizes the book assets may well be worth more than the company's current valuation.
Tuesday, August 31, 2004 10:32 AM
^Or perhaps he's been looking at the top of S:ROS from FedEx Field for too long and got interested. I couldn't get the article to load by the way.
Tuesday, August 31, 2004 10:42 AM
Here is a link to the article on the Yahoo PKS Message Board:http://tinyurl.com/6xx9l
*** This post was edited by coasterguts 8/31/2004 10:43:40 AM ***
Tuesday, August 31, 2004 11:59 AM

This is the SOB that charges parking to the opposing team for their busses!

I can only imagine how much parking will be at SFA, 2 miles down the street it's $25 for the football game.



Tuesday, August 31, 2004 12:32 PM
Sam, I think you hit the head on the nail. Dan wants to buy Six Flags America and use the park for game day
parking. ;)
Tuesday, August 31, 2004 12:40 PM
Dan is a very intelligent business man????

A very intelligent business man hires the right people and puts the decision making in their hands. He doesn't try to run all aspects of a company when he knows nothing about said aspects.

It would seem to me that Danny boy is more of the "same old, same old" SF corporate mentality. If there's a problem, throw money at it. If that doesn't work, throw more money at it.

Tuesday, August 31, 2004 1:06 PM
Anything has got to be better than Burke and Co. I'd say give the guy a shot, he is obviously seeing oppurtunities that are being missed and fills the chain would be successful if they would use those oppurtunities. When he bought the Redskins, he was the youngest owner in the NFL. He owned his own marketing company prior to becoming an owner. The guy hired Joe Gibbs because he wants to win. If you could, he would hire Dick Kinzel as the turn around specialist for SF?

*** This post was edited by coasterguts 8/31/2004 1:06:24 PM ***

Tuesday, August 31, 2004 1:07 PM
Hmmmm... a Redskins owner buys into a chain who's Mother park lies in Dallas.... ironic, no?


Tuesday, August 31, 2004 1:31 PM
Umm, all you folks talking up Joe Gibbs, isn't this the same guy that hired Steve Spurrier? That spent millions on free agents? And got how far in the playoffs the last couple of years?

As someone already said, this'll be nothing more than same-ol-same-ol ... then again, we might see a few more $25-$50 million paperweights than we would have without extra financial backing ...

Tuesday, August 31, 2004 1:45 PM
Yes it is impulse-ive. He went out and hired what he thought was the best talent that could field a winning a team. Each one of those coaches said they could do the job. He gave Steve Spurrier a good set of talent, he couldn't do the job and now he is watching from the sidelines. BTW, a good part of the team Snyder hired is still with the Redskins this season.
Tuesday, August 31, 2004 2:06 PM
I'm just glad I bought back into Six Flags stock last week. After Dan is done with it, perhaps I'll be able to retire at 30. :)
Tuesday, August 31, 2004 2:14 PM
Isn't everyone acting a little silly by thinking that this is going to have some kind of impact on the operation of the company? Everyone thought the same thing about Gates and we all know that his purchase really didn't mean a whole lot when it comes to how the company operates.

Edit: Okay, I did read in an article that he might seek a position on the board. However, what makes him any more qualified to direct a turnaround than Burke or any other finance guru already on the board? The one experienced theme park person helping drive the bus (Story) is no longer with the company.
*** This post was edited by bigboy 8/31/2004 2:27:11 PM ***

Tuesday, August 31, 2004 2:53 PM
Looks like Bill Gates company Cascade wants some say also.


Tuesday, August 31, 2004 3:20 PM
Quote from the Yahoo article:

"The Wall Street Journal, citing unnamed people close to him, on Tuesday said Snyder believes he can help turn Six Flags around by revamping its marketing. They said this could involve putting logos, videos and product displays in parks, and issuing Six Flags coupons elsewhere."

Sounds like he's really got a great idea of what problems the company faces.


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