Daniel M. Snyder, as part of a group lead by Howard Milstein, a co-owner of the New York Islanders hockey team, has become an owner of the Washington Redskins football team. Snyder is CEO of Snyder Communications, Bethesda, MD, which owns several direct marketing agencies. He and his co-owners bought the team for $800 million yesterday, according to a report in The New York Times. The price tag includes $161 million to pay off the remaining debt on the Redskin’s stadium, built only a couple of years ago.
National Football League approval is expected to take between 60 and 90 days. Milstein will have to divest himself of his interest in the Islanders to comply with NFL cross-ownership rules.
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