FedEx Commits $25 Million to University of Memphis NIL Deals

FedEx Corp., the Memphis-based multinational conglomerate, has announced a $25 million commitment over the next five years to provide name, image, and likeness (NIL) deals for University of Memphis student-athletes. The significant investment signals Memphis' readiness to compete at the highest level in college sports.

The FedEx NIL program at Memphis will direct $5 million annually to support initiatives primarily with the school's football, men's and women's basketball, and other women's sports teams. Student-athletes will promote FedEx's brand and initiatives through social media and in-person events as part of the agreement.

Why this matters: This is the largest NIL deal between a company and a university since the NIL market was created in 2021. The infusion of NIL funding is anticipated to significantly bolster the trajectory of Memphis' athletic department and help the school compete at the highest level in college sports.

FedEx has a long-standing relationship with the University of Memphis, co-creating the FedEx Institute of Technology on campus and sponsoring various athletic facilities. The company also has a broad sponsorship portfolio in the Memphis sports scene, including the Memphis Grizzlies, U of M men's basketball team, and the PGA Tour's annual Memphis event.

The NIL program at Memphis comes as the NCAA has approved schools to directly assist in NIL opportunities for their athletes, provided the athletes report earnings of $600 or more to the school. FedEx's deal also aims to expand the popularity of women's sports nationally.

University of Memphis President Bill Hardgrave expressed appreciation for FedEx's investment, noting it strengthens the relationship between the company, the university, and the community. Athletic director Laird Veatch emphasized that major corporate support of NIL will be critical for the future of college athletics.

FedEx will host its first in-person NIL initiative with a tailgate experience at the Tigers' Spring Football Game on April 20, 2024. "This program will provide opportunities for student-athletes to promote key FedEx initiatives through social media programs, in-person events, and FedEx Cares initiatives," said Jenny Robertson, FedEx Vice President of Corporate Marketing and Communications.

Key Takeaways

• FedEx commits $25M over 5 years for NIL deals at University of Memphis
• Funding to support football, men's/women's basketball, and other women's sports
• Largest NIL deal between a company and a university since NIL market began
• FedEx has long-standing relationship with University of Memphis, sponsors athletics
• NIL program aims to expand popularity of women's sports nationally