FedEx founder and chairman Frederick W. Smith and two others have bought approximately 20 percent of the Washington Redskins, the Washington Post
Redskins owner Daniel Snyder is selling a minority interest in the team for approximately $200 million, the newspaper reported. The other minority owners are Virginia real estate executive Dwight Schar and Florida insurance executive Robert Rothman.
Smith and Billy Dunavant led Memphis' unsuccessful drive to secure an NFL expansion franchise ten years ago. Following that he owned the city's Canadian Football League team, the Memphis Mad Dogs.
The Redskins renamed their stadium FedEx Field in 1999 as part of a 27-year, $205 million deal.
Smith and Redskins vice president Pepper Rodgers have been close friends for several years. Rodgers moved from Memphis to Washington D.C. and helped the team land head coach Steve Spurrier.