NASHVILLE, Tenn. (AP) — Tennessee Titans minority owner Susie Adams Smith is selling her portion of the team.
Titans controlling owner Amy Adams Strunk confirmed Tuesday that her sister “began the process of selling her portion of KSA Industries, which includes a fractional indirect interest in the Tennessee Titans.”
Strunk said in the statement that nothing will change in the team’s day-to-day operations. She also said there won’t be any other changes to the current ownership structure.
“We respect her right to make this decision and will cooperate fully with the process, which will not impact team operations in any way,” Strunk said. “Regardless of the outcome of this process, I will continue to serve as the controlling owner of the Titans. The remaining two-thirds of the team controlled by myself, Kenneth Adams IV, Barclay Adams and Susan Lewis is not and has never been for sale.
“Both personally and as a group, we have invested time, effort and capital to improve the franchise and we are excited to see the results on and off the field for years to come.”
Bloomberg first reported Smith was selling her portion of the team.
Strunk and Smith are daughters of Bud Adams, who founded the Titans franchise in 1960 when it was known as the Houston Oilers.
Smith also is planning to divest herself of her share of her late father’s KSA Industries holdings, a corporation that includes many oil and energy businesses as well as a diverse number of other holdings.
When Bud Adams died in 2013 , his estate was placed into a trust and divided between his two daughters, Amy and Susie, with each receiving a one-third share of the franchise and a third of KSA Industries. The other third was divided in three 11-percent shares to the widow and sons of Bud Adams’ late son, Kenneth Adams III.
Initially, after Bud Adams’ death, the family installed Susie Adams Smith as controlling owner and made her husband Tommy Smith team president. However, the family installed Strunk as controlling owner in 2015, brought back Steve Underwood from retirement to take over as team president and the Smiths were moved aside except for Susie Smith retaining one-third ownership in the franchise.
The NFL fined the Titans in September 2016 for their ownership structure. Strunk said last week that she hopes that’s been put to rest with the Titans going in the right direction.
Forbes has estimated the Titans’ worth to be around $2 billion.
Copyright 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.