On April 19, 2024, FedEx announced a historic sponsorship deal with the University of Memphis worth $25 million over the next five years. This partnership is set to revolutionize 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, expressed its commitment to investing in young athletes from its hometown, strengthening its connection to the next generation of leaders.
FedEx is already a prominent presence in Memphis sports, with partnerships that include the NBA’s Grizzlies and Memphis basketball along with 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 and acknowledged that NIL opportunities play a crucial role in shaping student-athlete experiences.
This landmark deal marks a new era for college athletics as companies continue to recognize the value of investing in young athletes who represent their brand values. As more students pursue NIL opportunities, universities must adapt their strategies to remain competitive while ensuring that they are providing equal opportunities for all student-athletes.
In conclusion, this announcement highlights how corporations can help shape college sports by supporting student-athletes’ name
