Redskins deny owner Dan Snyder sailed $180M yacht to Cannes to find new stadium sponsor
FBN's Charlie Gasparino on reports financial tech company SoFi is in talks with the NFL for the naming rights to the new Los Angeles stadium.
The NFL’s Washington Redskins denied a report Tuesday that owner Dan Snyder was attempting to find a title sponsor for the team’s new stadium while attending Cannes Lions in France.
Snyder sailed his $180 million yacht to Cannes Lions, an international advertising and communications festival, and is “taking meetings” with brands interested in naming rights, the New York Post reported, citing a source familiar with the matter. The longtime Redskins owner reportedly hosted a dinner on the yacht on Monday for a list of attendees that included NFL marketing executive Julie Haddon and Outfront Media executive Andy Sriubas.
“The story is false,” Redskins spokesman Tony Wyllie told FOX Business. Wyllie added that Snyder attends Cannes Lions every year and is there this year to meet with industry executives, not to pursue a sponsorship deal.
While the Redskins’ current lease at FedEx Field doesn’t expire until 2027, Snyder is said to be pursuing public funding for a new facility at the site of RFK Stadium, Washington’s longtime home. Naming rights deals for NFL stadiums are among the most lucrative marketing partnerships in sports -- the team’s current naming rights deal with FedEx is worth $205 million over a 27-year period that ends in 2025.
“Dan and his team are here to find a title sponsor for the new stadium for the Redskins, and they are taking meetings with brands and marketers,” the source told the New York Post.
Another source downplayed Snyder’s plans for Cannes Lions, noting that there is “no rush” on a naming rights deal for a new stadium because the team’s current lease is years away from expiration.
“They are here to meet people and be part of the conversation,” the second source said.
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Snyder’s yacht is 93-feet long, weighs 3,000 tons and features an Imax theater, basketball court and helipad, according to the Post. He has a personal net worth of more than $2 billion, according to Forbes.