Snyder, along with business partner Fred Drasner, made the final $1m payment to secure the franchise and is now searching for a suitable venue in the Washington area.
According to local reports, four venues have been identified - the MCI Center, Comcast Center, Patriot Center and the Armory.
Failure for any of the short list to prove suitable could see the franchise be homed in a new-build venue.
The franchise is expected to field a team for the first time next year.
The owner of the NFL's Washington Redskins has completed payment of the $4m required to secure an Arena Football League franchise in the city.
