FedEx has ended its naming-rights agreement with the Washington Commanders two years early, depriving the team of roughly $15 million of remaining revenue from the deal.
As reported by The Washington Post, the shipping giant struck the $205 million deal to have its name grace the stadium in 1999. It was to last through 2026.
Log in to view the full article
FedEx has ended its naming-rights agreement with the Washington Commanders two years early, depriving the team of roughly $15 million of remaining revenue from the deal.
As reported by The Washington Post, the shipping giant struck the $205 million deal to have its name grace the stadium in 1999. It was to last through 2026.
Originally called Jack Kent Cooke Stadium when it opened in 1997, FedEx Field has deteriorated, the Post reported. On Tuesday, the Commanders announced additional upgrades to the venue, bringing targeted investments in improving the stadium and fan and player experience to a total of more than $75 million once completed since new ownership purchased the team in July.
According to The Post, a group of investors led by Josh Harris purchased the Commanders last year for $6.05 billion from Daniel Snyder, whose tenuous 24-year ownership of the franchise eroded the fan base and led to numerous federal and NFL-led investigations into the team’s workplace and business operations. The team’s naming-rights agreement with FedEx, completed soon after Snyder bought the franchise from the Jack Kent Cooke estate for $800 million, was hailed initially as a landmark deal for the team. But the relationship between the team and FedEx became increasingly strained.
Fred Smith, the founder of FedEx, was one of three minority owners in the franchise from 2003 until 2021, along with Robert Rothman and Dwight Schar, the Post report added.
According to the announcement on the team's website, the upgrades will be noticeable from the moment fans enter the parking lots and include faster entry into the stadium, new premium seating options and suite experiences, improved food and beverage options, and sound system upgrades. The stadium also will be getting a structural refresh, including upgrades to elevators and escalators, water and mechanical systems, and other infrastructure improvements.
This comes at a time when the Commanders are looking to leave the Landover stadium for a new home in D.C., Maryland or Virginia.
“We thank FedEx Corporation for its longstanding naming rights sponsorship and their work with our team and community and look forward to their continued partnership within the Commanders family,” the team wrote in a statement issued to The Post. “We have already started the process of identifying our next stadium naming rights partner — a partner who will play a crucial role in ushering in the next era of not only Commanders football, but also a robust slate of top live events and concerts.”
FedEx’s separate partnership with the team remains intact, along with the company’s long-running sponsorship deal with the NFL, the Post reported.
Two people with knowledge of the stadium naming-rights decision told The Post that FedEx exercised an opt-out provision before the end of 2023 that stemmed from the July sale of the team. According to Post reporters Nicki Jhabvala and Mark Maske, it caught the Commanders by surprise amid renewed fan interest and after an influx of new sponsorship deals.
“FedEx is a longtime sponsor of multiple sports leagues, properties, and teams,” the company wrote in a statement to The Post. “We continuously review our marketing programs to ensure our investments are aligned with our evolving business objectives. As part of this review, we have decided to not continue as the naming rights sponsor of FedEx Field as we focus on our broader NFL sponsorship and opportunities that reflect our global footprint.”
