Venue Detail
Washington Redskins
RSV Pro Facilities Report
March, 2015
Washington Redskins
21300 Redskin Park Dr Ashburn, VA 20147 Phone: 703-726-7000 Fax: 703-726-7086 URL: www.redskins.com Owner: Daniel Snyder League: National Football League, NFC East
Venue
FedEx Field, 1600 FedEx Way, Landover, MD 20785 Owner: Daniel Snyder Managed by: AEG Facilities Built: 1997 Capacity: 79,000 Permanent concession stands: 38 Concessionaire: Centerplate Suite caterer: Legends Hospitality Management Soft drink: Coca Cola Beer: Multiple
Naming rights
Sold to: Federal Express Price: $205,000,000 Term: 27 years Expires: 2026
Ticket prices
Season tickets range from $440 to $790
Attendance
2012 average attendance: 79,654 2013 average attendance: 77,220 2014 average attendance: 77,964
Suites
Quantity: 244 Term: 5 to 10 years Price: $90,000 to $250,000 Seats: 10 to 16 Includes: Parking, private entrance.
Club seats
Quantity: 15,000 Term: 6 to 10 years Price: $2,800 to $4,650 Includes: Parking, private entrance.
Financing
The $175 million stadium was built by the late Jack Kent Cooke and after his death in early 1997, was named in his honor. The name was later changed after the team was sold to Daniel Snyder. The State of Maryland contributed $71 million in infrastructure improvements.
Improvements for FedEx Field have helped the Washington Redskins be among the most successful sports franchises. Team revenue received some partial disclosure as owner Daniel Snyder filed forms with the Securities and Exchange Commission in a bid to take greater control of the Six Flags theme parks.
The filings show the team's gross revenue was close to $300 million in 2004, nearly double the $162 million the team took in before Snyder bought the franchise and Jack Kent Cooke Stadium for $800 million in 1999.
Since his purchase, the stadium has grown by 10,000 seats to 91,665. Ten new luxury suites were added as were 35 "super suites" and 500 loge seats. Another 1,488 "dream seats" around the field boosted revenues with their premium prices. Naming rights were sold to FedEx for $205 million.
Sponsorship revenue went from $4 million when Snyder bought the team to a current rate of $48 million, according to the SEC documents. Automated concession stands increased concession per capita sales from $9 each to $15. The stadium's concessionaire was also forced to buy the equipment for $16 million, giving the Redskins money to pay down debt. Debt now runs at about $250 million.
FedEx Field got 5,000 new seats for the Redskins' 2004 season. About 4,500 of the seats were sold to people on the team's waiting list of 90,000.
Most of the seats are general admission class and are located in the lower bowl in space below the club level. Five hundred seats will be in 10 to 12 new luxury suites to be built in the west end zone. Only four suites remain, leasing for about $175,000 a year. The total number of stadium suites is now about 244, depending upon whether some units have been combined by owners.
The Washington Redskins added 4,000 new premium seats to FedEx Field for the 2000 NFL season. More than a quarter of the seats, 1,202, are on temporary risers located on the field.
Those Dream Seats in the first and second rows cost $4,450 each and include free food. The team also offers Loge Seats on the suite level at $4,950 each. Those seats include in-seat wait service and post game events.
Still, the team isn't finding all seats are in high demand. The Redskins did not find many buyers on a 2,000-person waiting list for club seats in 2002. The seats were then offered to the general public. The seats, which were originally sold on a five-year contract, were first offered to the club seat waiting list. When seats remained, they were put on sale to the public at prices beginning at $2,000 per year requiring a six-year lease.
Despite that, the team made a power play in 2003 for renewals. The Redskins asked club seat holders to pay a 10 percent increase for their seats before their leases expire. If those in the final years of their 10-year lease don't agree, they will pay a 113 percent increase in 2007. If they do, they get a 38 percent hike now.
For those who forgo the increase now, seat prices would go from $1,995 to $4,254. Those agreeing to the change would see bills for the new 10-year lease go immediately to $2,750, then increasing 3 percent per year to $3,588 in 2012. By that time, those who opted not to take an increase now would pay $5,429.
Team officials called the move a savings plan for fans to avoid sticker shock when the current contracts expire.
The team has a long waiting list for standard seating. Team officials say about 1,000 seats become open each year. The club has had difficulty in the past in selling its club seat inventory.
Fourteen new suites on the rim of the lower bowl hold 12 people each and are priced at $200,000 per season. The suites are located near Daniel Snyder's owner's suite. The suites have been purchased by Deloitte, Deutsche Bank, E-Trade, Teligent and James Kimsey of America Online.
In the loge section, another 500 seats costing $3,200 each per season were added along with 1,500 new general admission seats costing $750 each per season. The balance of the seats are scattered among general admission, existing club areas and in existing suites. The general admission seats were first offered to the team's 40,000-fan waiting list.
Because the stadium is sold out with season ticket holders, no single game tickets are available. In late 1998 the team went up for sale and was sold to Snyder, a Maryland businessman for a record $800 million.
In 1999 the team began a $15 million program to upgrade what was then Jack Kent Cooke Stadium.The work was primarily to make fans more comfortable and improve operations. Metal pipes were replaced with glass to improve sight lines, shields were mounted to deflect wind and windows in the 1,506-seat loge section were removed. In-seat wait service was also added to the club level. The sound system was upgraded and new additional Jumbotron screens were added for the 2000 season at a cost of $11 million. (Facilities, Football, NFL, Professional Sports, Venue)