FedEx Boosts University of Memphis’ NIL Efforts with $25 Million Sponsorship Deal
On April 19, 2024, FedEx announced a landmark sponsorship deal with the University of Memphis worth $25 million over the next five years. The partnership is expected to boost 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 deal 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 through partnerships with the NBA’s Grizzlies and Memphis basketball as well as sponsorship of the PGA’s FedEx St. Jude Classic, expressed its commitment to investing in young athletes from its hometown and strengthening its connection to the next generation of leaders.
FedEx will be hosting an NIL event at the Memphis spring football game to kick off the partnership. Laird Veatch, athletic director at Memphis University expressed his gratitude for FedEx’s leadership and support in helping student-athletes take advantage of name, image and likeness opportunities. He emphasized how crucial it is for major corporate support to play a role in shaping college athletics going forward.
