FedEx is ending its naming rights agreement with the Washington Commanders’ stadium in Landover, Md., after a 25-year partnership.
There were two years and approximately $15 million left on the deal, but FedEx is exercising an opt-out clause related to the NFL franchise’s recent ownership change.
“We continuously review our marketing programs to ensure our investments are aligned with our evolving business objectives,” FedEx said in a statement sent Wednesday 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.”
Originally opened in 1997 as Jack Kent Cooke Stadium, the 58,000-seat facility has been known as FedEx Field since previous owner Dan Snyder sold the naming rights in 1999.
FedEx founder and chairman Fred Smith was a minority owner of the Washington football team until 2021.
Snyder sold the franchise last year to a group led by Josh Harris for more than $6 billion.
The Commanders, who announced $75 million renovation plans to the stadium on Tuesday, confirmed to the AP that they are looking for a new sponsor for the naming rights.
“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 Commanders finished 4-13 in 2023 and missed the playoffs for the third straight season, prompting the firing of head coach Ron Rivera. Washington hired Dan Quinn as its new coach earlier this month.
–Field Level Media