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FedEx has ended its naming rights agreement with the Washington Commanders’ stadium in Landover, Maryland, a venue that had been known as FedEx Field since 1999.
The move confirmed Wednesday comes two years prior to the expiration of the current agreement scheduled for 2026, and as the NFL club under new ownership looks for a site on which to build a new stadium that would open later this decade.
“We continuously review our marketing programs to ensure our investments are aligned with our evolving business objectives,” FedEx said in a statement emailed to The Associated Press. “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.”
Dan Snyder sold the naming rights to FedEx in 1999 when he bought the team. FedEx founder and chairman Fred Smith was a minority owner of the team until 2021, when Snyder and his family bought out the shares held by Smith, Dwight Schar and Bob Rothman.
Snyder last year sold the team to a group led by Josh Harris and including Magic Johnson and others for $6.05 billion.
Unlike Nationals Park, home of Washington’s MLB team by the same name, don’t expect the Commanders’ stadium, which also hosts soccer games and concerts, to go without a sponsorship for an extended period of time.
“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,” the team said in a statement.
The Washington Post was first to report the news.
On Tuesday, the Commanders announced $75 million in renovations to the aging stadium, including upgrades to the sound system, escalators and elevators, water and mechanical systems and other infrastructure improvements. There was no hot water in the home and visiting locker room showers after a game…
Source link : https://www.foxsports.com/stories/nfl/fedex-ends-naming-rights-agreement-with-commanders-stadium-fedex-field
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Publish date : 2024-02-28 16:24:10
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