Fred Smith, a former minority proprietor of the Washington NFL franchise and the founding father of FedEx Corp., a outstanding sponsor throughout the panorama of sports activities, has died. He was 80.
Smith, the daddy of former Atlanta Falcons coach and present Pittsburgh Steelers offensive coordinator Arthur Smith, owned a portion of the Washington franchise from 2003 till 2021.
“The Washington Commanders mourn the passing of Frederick W. Smith, FedEx founder and government chairman,” the Commanders stated in a press release. “Mr. Smith was a extremely revered philanthropist and progressive businessman whose investments as soon as included a minority stake in our staff. He additionally proudly served our nation within the US Marine Corps. We ship our honest condolences to Mr. Smith’s household and family members, in addition to our pals throughout the FedEx group.”
In 2003, Smith bought a minority share of Washington’s possession beneath Dan Snyder. Smith, Robert Rothman and Dwight Schar owned 40% of the franchise earlier than promoting their shares in 2021.
The three minority homeowners had develop into disenchanted with Snyder and in 2020 had employed a agency to hunt a purchaser for his or her stake. That got here at a time when Snyder was beneath stress to alter the staff’ unique identify; Smith had been in favor of a reputation change; FedEx, which had the stadium naming rights, issued a press launch on the time saying it had knowledgeable the staff it needed it to alter the identify.
In November 2020, the three minority homeowners sued Snyder in federal courtroom, saying he interfered with a pending sale of their shares to buyers prepared to pay $900 million. They stated Snyder improperly used his proper of first refusal by providing to purchase the shares of Smith and Rothman, however not Schar. Snyder had accused Schar of main an effort to extort him. The NFL later banned Schar from being a part of an possession group once more.
The staff finally modified its identify to the Washington Soccer Group in 2020 earlier than altering to the Commanders in 2022.
Earlier than shopping for a stake within the Washington franchise, Smith was a part of an effort in 1993 to land an NFL growth staff in Memphis, Tennessee, which can be the house of FedEx’s company headquarters. Jacksonville and Carolina, nonetheless, have been chosen by the NFL to hitch the league at the moment.
In 1999, FedEx signed a 27-year deal price $205 million for the naming rights to the Washington NFL franchise’s stadium however severed the settlement two years early in 2024 after Snyder offered the staff to a bunch led by present proprietor Josh Harris. FedEx has a separate partnership with the staff that continues to be in place.
FedEx additionally has the naming rights for the Memphis Grizzlies’ enviornment, the FedEx Discussion board, signing a deal in 2002. The sector can be house for the Memphis Tigers’ males’s basketball staff.
In 2023, Smith’s household donated $50 million for renovations to Simmons Financial institution Liberty Stadium, the house of the Memphis Tigers’ soccer staff. Final yr, FedEx pledged $25 million over 5 years for use in identify, picture and likeness sponsorship offers with the college’s athletes.
FedEx additionally has been the sponsor for the PGA Tour’s Memphis-area golf event, the FedEx St. Jude Basic, and has been the naming sponsor of the PGA Tour’s season-long factors competitors and playoffs, the FedExCup.
“The PGA TOUR is saddened to study of the passing of Frederick W. Smith the visionary of FedEx who led every single day with great character and values,” PGA Tour commissioner Jay Monahan stated in a press release. “FedEx has been an amazing companion for almost 40 years, and its affect on our sport by means of event sponsorship and its involvement from day one of many FedExCup has been monumental. Fred and his firm made important contributions to the expansion and recognition of PGA TOUR golf, and the TOUR continues to learn from his and FedEx’s affect, which will likely be felt for generations to come back. We mourn the lack of a legendary enterprise chief and philanthropist and provide our condolences to his household.”
FedEx began working in 1973, delivering small parcels and paperwork extra shortly than the postal service. Over the following half-century, Smith oversaw the expansion of an organization that turned one thing of an financial bellwether as a result of so many different firms depend on it.
FedEx turned a worldwide transportation and logistics firm that averages 17 million shipments per enterprise day. Smith stepped down as CEO in 2022 however remained government chairman.
After graduating from Yale College in 1966, Smith joined the U.S. Marines and was commissioned a second lieutenant. He left the navy as a captain in 1969 after two excursions in Vietnam, the place he was embellished for bravery and wounds acquired in fight.
He informed The Related Press in a 2023 interview that every little thing he did working FedEx got here from his expertise within the Marines, not what he discovered at Yale.
Although one in every of Memphis’ best-known and most outstanding residents, Smith usually averted the general public highlight, devoting his energies to work and household.
Regardless of his low profile, Smith made a cameo look within the 2000 film “Castaway” starring Tom Hanks. The film was a few FedEx worker stranded on an island.
ESPN’s John Keim and The Related Press contributed to this report.
