In April 2024, FedEx announced a groundbreaking sponsorship deal with the University of Memphis worth $25 million over the next five years. This partnership will enhance the school’s name, image, and likeness compensation efforts for its student-athletes. Initially focusing on football, men’s and women’s basketball, and other women’s sports, the agreement was facilitated by Altius Sports Partners, a company specializing in NIL activities.
The $5 million per year agreement is especially significant for the University of Memphis, which competes in the American Athletic Conference and is not part of a wealthy power conference. FedEx, a Memphis-based shipping giant that has been a prominent presence in local sports for years, expressed its commitment to investing in young athletes from its hometown, strengthening its connection to the next generation of leaders.
FedEx has partnerships with several local sports teams including the NBA’s Grizzlies and Memphis basketball as well as sponsorship of the PGA’s FedEx St. Jude Classic. The company will be hosting an NIL event at the Memphis spring football game to kick off the partnership.
Memphis Athletic Director Laird Veatch expressed gratitude for FedEx’s leadership and support in the realm of name, image, and likeness opportunities for student-athletes. He emphasized the importance of major corporate support in the future of college athletics, acknowledging the crucial role NIL opportunities play in the student-athlete dynamic.
This landmark deal marks a new era for college sports as corporations increasingly recognize their potential impact on young athletes’ lives beyond just their athletic careers.