Fred Smith, Former Washington NFL Part-Owner and FedEx Founder, Dies

Fred Smith, a former minority owner of the Washington NFL franchise and the founder of FedEx Corp., a major sports sponsor, died.  He was eighty.

Smith, the father of former Atlanta Falcons coach and current Pittsburgh Steelers offensive coordinator Arthur Smith, had a share in the Washington franchise from 2003 to 2021.

"The Washington Commanders mourn the passing of Frederick W. Smith, FedEx founder and executive chairman," according to a statement.  "Mr. Smith was a well-known philanthropist and inventive businessman who formerly owned a minority position in our team.  He also proudly served his country in the United States Marine Corps.  We offer our heartfelt condolences to Mr. Smith's family and loved ones, as well as our colleagues throughout the FedEx company."

In 2003, Smith bought a minority stake in Washington under Dan Snyder's ownership.  Smith, Robert Rothman, and Dwight Schar controlled 40% of the franchise before selling it in 2021.

The three minority owners had grown dissatisfied with Snyder and hired a firm in 2020 to find a bidder for their investment.  That occurred during a period when Snyder was under pressure to modify the team's original name.  Smith had advocated for a name change, and FedEx, who owned the stadium's naming rights, issued a press statement at the time stating that it had informed the club of its desire to change the name. 

In November 2020, the three minority owners sued Snyder in federal court, alleging that he interfered with a prospective sale of their shares to investors willing to pay $900 million.  They claimed Snyder abused his right of first refusal by proposing to buy the shares of Smith and Rothman but not Schar.  Snyder accused Schar of orchestrating an attempt to extort him.  The NFL later prohibited Schar from joining another ownership group.

The squad finally changed its name to the Washington Football Squad in 2020, then to the Commanders in 2022. 

Before purchasing an interest in the Washington franchise, Smith was part of a 1993 push to locate an NFL expansion team in Memphis, Tennessee, which is home to FedEx's corporate headquarters.  However, the NFL chose Jacksonville and Carolina to join at the time.

FedEx agreed to pay $205 million over 27 years for the naming rights to the Washington NFL franchise's stadium in 1999.  FedEx terminated the arrangement two years early, in 2024, after Snyder sold the franchise to a consortium led by current owner Josh Harris.  FedEx has a distinct connection with the team that is still in existence. 

FedEx also owns the name rights to the Memphis Grizzlies' arena, the FedEx Forum, after reaching a deal in 2002.  The arena also serves as home to the Memphis Tigers men's basketball team.

Smith's family gave $50 million in 2023 to renovate Simmons Bank Liberty Stadium, home of the Memphis Tigers football club.  Last year, FedEx promised $25 million over five years for name, image, and likeness sponsorships of the school's athletes.

FedEx has also sponsored the FedEx St. Jude Classic, a golf tournament in Memphis, and the FedExCup, the PGA Tour's season-long points competition and playoffs. 

"The PGA TOUR is saddened to learn of the passing of Frederick W. Smith, FedEx's visionary who led every day with tremendous character and values," PGA Tour commissioner Jay Monahan said in a statement.  "FedEx has been an incredible partner for nearly 40 years, and its impact on our sport through tournament sponsorship and participation from the start of the FedExCup has been massive.  Fred and his organization made important contributions to the growth and popularity of PGA TOUR golf, and the TOUR continues to benefit from his and FedEx's influence, which will be felt for future generations.  We grieve the passing of a famous corporate leader and philanthropist, and we extend our sympathies to his family." 

FedEx began operations in 1973, delivering small parcels and papers faster than the postal service.  Over the next half-century, Smith supervised the expansion of a corporation that became an economic barometer since so many other businesses rely on it.

FedEx has grown into a global transportation and logistics enterprise, handling an average of 17 million shipments per business day.  Smith resigned as CEO in 2022 but remained executive chairman.

Smith joined the United States Marine Corps after graduating from Yale in 1966 and was commissioned as a second lieutenant.  He departed the service as a captain in 1969 after serving two tours in Vietnam, where he was recognized for gallantry and combat wounds. 

In a 2023 interview with The Associated Press, he stated that all he accomplished while leading FedEx was based on his Marine Corps background rather than what he studied at Yale.

Despite being one of Memphis' most well-known and vital people, Smith spent most of his time away from the public eye, focusing on his work and family.

Smith made a cameo role in Tom Hanks' 2000 film "Castaway" despite his low notoriety.  The movie was about a FedEx employee who became stranded on an island.