Times are changing for the Washington NFL team. Over the years, the team has faced backlash for its former branding. However, in an unexpected turn of events, the new name of the football team could spell financial success for owner, Dan Snyder.
Previously, the football team included a dictionary-defined racial slur, which naturally got it bad press. Experts now suggest that the rebrand could lead to financial gains for both the team and Dan Snyder. That’s because the alteration will likely mean additional licensing deals, merchandise sales, and other sources of income. When the less controversial name comes into effect, along with a new logo, could increase the overall value of the team.
After building pressure from both the public and sponsors, the decision was made to change the football team’s name. An announcement was made back in July, stating that the team would be ‘retiring’ its former name and logo. Swiftly after that, another surprising announcement followed, saying the team would go by the ‘Washington Football Team’ for a short period. It is expected that a permanent name will be announced within the year.
One of the World’s Most Valuable Sports Teams
What’s more, despite the team’s ongoing decline in sporting success, it has continued to make money year on year. Case in point, at the end of last month Forbes valued the team at a massive $3.4 billion. To put that into perspective, that means that the team ranks as the seventh most valuable NFL franchise currently. Building upon that, it’s also the 14th most valuable sports franchise in the world, which is no easy feat.
Back in 2019, the Washington Football Team was valued at $300 million less than it is now. Put simply, the team has steadily been on the incline. Over the years, it has gained value and even reached more than double its original valuation ten years ago. When you take all of the above into consideration, it’s safe to say that the team is prosperous.
So, what has sparked this colossal change? To fully understand that, we have to go back to the year 1999. That was when Dan Snyder purchased the football team for $800 million. It was a huge investment, but one that quickly paid off. By 2003, the team was worth $952 million. That in itself is a testament to Dan Snyder’s savvy business mind.
After initially making his name in the marketing world, Dan Snyder is now one of the 400 richest men in America. He took his company, Snyder Communications, public in 1996 and by the year 2000 he had sold it to the French firm Havas for a massive $2.1 billion. Forbes reports that Snyder himself is now worth a huge $2.6 billion. With that in mind, it’s no wonder that he is able to turn a massive profit within his professional escapades.
Changing the Team’s Logo Creates New Revenue
The new name of the Washington Football Team is more than a smart PR move. Experts have suggested that this transformation could lead to new lines of income for the sports team. Naturally, much of the company revenue comes through official merchandising. The change in both logo and name means that a new line of merchandise will be quick to follow. Fans eager to show their support for the team are likely to get on board and buy it.
It doesn’t end there. Economists and experts have also suggested that this change could lead to new licensing deals for the football team. That upheaval will ultimately mean more money for the team and, indeed, Dan Snyder himself. When the official name is finally announced, there is likely to be a flurry of changes which will all bring in new revenue.
Of course, there’s also the question of a new stadium for the Washington Football Team. It is believed that Dan Snyder has plans to bring the team back to the city and build a new stadium. However, district officials have previously urged him to consider a name change before doing so. It’s hardly a leap to assume that the announcement of the new branding will be followed by another announcement of a new sporting venue for the team.
A new stadium coupled with a location change will also help increase the status of the team. Experts say that when teams unveil new venues they often increase in value by between $400 to $500 million in the years following that. Dan Snyder has his eyes set on the prize when it comes to making the team one of the highest earning of all time.
The Future is Bright for the Washington Football Team
The new name of the Washington Football Team marks a new era for sports. The change is likely to be welcomed by fans and the public in general. Moving away from the old, controversial title is a step in the right direction for the team. Moreover, excitement is building over what the new, permanent name could be. The Red Tails, Washington Rivals, Red Wolves, and Washington Scouts have all been floated by fans.
Currently, it’s unclear which way the team officials will go. However, any change is sure to be positive. For now, fans will have to wait and see what happens. Watch this space.