Ex-NFL Owner Snyder Becomes Pictet Wealth Client After US Exit
(Bloomberg) — Former Washington Commanders owner Dan Snyder has tapped Banque Pictet & Cie SA to help manage the proceeds from the National Football League team’s $6 billion sale, one of the biggest-ever US sports deals.
The 61 year-old billionaire, now resident in London, is dealing with the Geneva-based firm’s wealth-management business, according to people familiar with the matter, expanding his European banking contacts after a lucrative but at times tumultuous tenure spanning 24 seasons of the NFL.
The details give a snapshot into Snyder’s financial affairs after relocating to Britain, where he’s among a select group of super-rich individuals that have moved to the nation recently after a wave of billionaires exited in the fallout from tax changes. He and his family have also acquired a luxurious home in central London and registered a Gulfstream jet in a UK crown dependency that’s decorated with the colors of the Commanders’ playing kit.
They’ve also hired at least half-a-dozen staff as well for their London-based family office, which allocates across public and private markets.
Pictet is supporting Snyder’s family office and staff seeking to invest the windfall from the Commanders’ 2023 sale, a then-record deal for a US sports team, the people said. Snyder, worth about $5 billion according to the Bloomberg Billionaires Index, has held discussions with at least one other global lender in London, the people added.
A representative for Snyder didn’t respond to requests for comment, while a Pictet spokesman declined to comment.
The entrepreneur made his fortune through a marketing business he and his sister founded in the 1980s that worked with New York-based banks including Goldman Sachs, Merrill Lynch and Bear Stearns prior to its sale in 2000, the year after Snyder became an NFL owner.
He hired Bank of America Corp to explore a sale of the Commanders in 2022 after buying out minority owners the previous year. The US lender faces an ongoing lawsuit related to that earlier deal, accused of conspiring to deflate its value prior to its sale to an investor group led by former Apollo Global Management Inc. executive Josh Harris.
A representative for Bank of America declined to comment on the lawsuit from Robert Rothman, one of three minority shareholders that Snyder bought out.
The ultimate sale price for the Commanders eclipsed the $4.65 billion that Rob Walton, a member of the Walmart Inc. dynasty, spent to acquire the NFL’s Denver Broncos.
Snyder spent part of his high-school years during the 1970s in the UK due to the work of his father, an author of several books on topics including a Royal Navy battleship and the Loch Ness monster.
The US billionaire and his wife, Tanya, who previously helped to lead the Commanders’ operations, initially surfaced in 2022 as buyers of a home in a luxury residential development in London’s tony Belgravia area where other US natives have snapped up properties. Filings registered in 2024 showed the Snyders acquired two properties at the premises with a total price of £74.9 million – one of the largest deals of that year.
–With assistance from Katia Porzecanski.
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