Fred Smith, a former minority owner of the Washington NFL franchise and the founder of FedEx Corp., a prominent sponsor across the landscape of sports, has died. He was 80.
Smith, the father of former Atlanta Falcons coach and current Pittsburgh Steelers offensive coordinator Arthur Smith, owned a portion of the Washington franchise from 2003 until 2021.
“The Washington Commanders mourn the passing of Frederick W. Smith, FedEx founder and executive chairman,” the Commanders said in a statement. “Mr. Smith was a highly respected philanthropist and innovative businessman whose investments once included a minority stake in our team. He also proudly served our country in the US Marine Corps. We send our sincere condolences to Mr. Smith’s family and loved ones, as well as our friends across the FedEx organization.”
In 2003, Smith purchased a minority share of Washington’s ownership under Dan Snyder. Smith, Robert Rothman and Dwight Schar owned 40% of the franchise before selling their shares in 2021.
The three minority owners had become disenchanted with Snyder and in 2020 had hired a firm to seek a buyer for their stake. That came at a time when Snyder was under pressure to change the team’ original name. Smith had been in favor of a name change, and FedEx, which had the stadium naming rights, issued a press release at the time saying it had informed the team it wanted it to change the name.
In November 2020, the three minority owners sued Snyder in federal court, saying he interfered with a pending sale of their shares to investors willing to pay $900 million. They said Snyder improperly used his right of first refusal by offering to buy the shares of Smith and Rothman but not Schar. Snyder had accused Schar of leading an effort to extort him. The NFL later banned Schar from being part of an ownership group again.
The team eventually changed its name to the Washington Football Team in 2020 before changing to the Commanders in 2022.
Before buying a stake in the Washington franchise, Smith was part of an effort in 1993 to land an NFL expansion team in Memphis, Tennessee, which is the home of FedEx’s corporate headquarters. Jacksonville and Carolina, however, were chosen by the NFL to join the league at that time.
In 1999, FedEx signed a 27-year deal worth $205 million for the naming rights to the Washington NFL franchise’s stadium. FedEx severed the agreement two years early in 2024 after Snyder sold the team to a group led by current owner Josh Harris. FedEx has a separate partnership with the team that remains in place.
FedEx also has the naming rights for the Memphis Grizzlies’ arena, the FedEx Forum, signing a deal in 2002. The arena is also home for the Memphis Tigers’ men’s basketball team.
In 2023, Smith’s family donated $50 million for renovations to Simmons Bank Liberty Stadium, the home of the Memphis Tigers’ football team. Last year, FedEx pledged $25 million over five years to be used in name, image and likeness sponsorship deals with the school’s athletes.
FedEx also has been the sponsor for the PGA Tour’s Memphis-area golf tournament, the FedEx St. Jude Classic, and has been the naming sponsor of the PGA Tour’s seasonlong points competition and playoffs, the FedExCup.
“The PGA TOUR is saddened to learn of the passing of Frederick W. Smith the visionary of FedEx who led every day with tremendous character and values,” PGA Tour commissioner Jay Monahan said in a statement. “FedEx has been a tremendous partner for nearly 40 years, and its influence on our sport through tournament sponsorship and its involvement from day one of the FedExCup has been monumental. Fred and his company made significant 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 generations to come. We mourn the loss of a legendary business leader and philanthropist and offer our condolences to his family.”
FedEx started operating in 1973, delivering small parcels and documents more quickly than the postal service. Over the next half-century, Smith oversaw the growth of a company that became something of an economic bellwether because so many other companies rely on it.
FedEx became a global transportation and logistics company that averages 17 million shipments per business day. Smith stepped down as CEO in 2022 but remained executive chairman.
After graduating from Yale in 1966, Smith joined the U.S. Marines and was commissioned a second lieutenant. He left the military as a captain in 1969 after two tours in Vietnam, where he was decorated for bravery and wounds received in combat.
He told The Associated Press in a 2023 interview that everything he did running FedEx came from his experience in the Marines, not what he learned at Yale.
Though one of Memphis’ best-known and most prominent citizens, Smith generally avoided the public spotlight, devoting his energies to work and family.
Despite his low profile, Smith made a cameo appearance in the 2000 movie “Castaway” starring Tom Hanks. The movie was about a FedEx employee stranded on an island.
ESPN’s John Keim and The Associated Press contributed to this report.
