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.