This week, the Washington Commanders announced plans to update and upgrade FedEx Field to the tune of about $75 million, the team said Tuesday. The Commanders say the upgrades will include new premium seating options, suite experiences, improved food and beverage options, and sound system upgrades.
That was just the start of things to come.
The very next day, FedEx said in a statement that the shipping giant would be ending its sponsorship of FedEx Field two years early.
FedEx said in a statement to WTOP that the company is focusing on “broader NFL sponsorship and opportunities” as it gives up the naming rights to the Landover stadium.
“We believe the future is bright for the Washington Commanders, and we look forward to watching the team evolve under their new ownership,” the statement said.
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“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 Washington 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.”
The two businesses entered into a $205 million deal in 1999 under former owner Dan Snyder. Four years later, FedEx chairman Fred Smith became a minority owner of the team.
The deal was set to run for two more seasons, but now Washington will be missing out on $15 million per year in revenue unless they get another sponsor for the stadium.
In the meantime, the Commanders are currently exploring options for a new stadium, but their lease with the county runs through 2027.
