Rankin M. Smith Sr.: Difference between revisions
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Rankin M. Smith, Sr. (October 29, 1924 — October 26, 1997) was an American businessman and philanthropist. A long time resident of Atlanta, Georgia, Smith was very active in the Atlanta community. Smith served as president of the Life Insurance Company of Georgia from 1970 to 1976. Smith was also the owner of the National Football League’s Atlanta Falcons. |
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==Professional Life== |
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Smith was born October 29, 1924 in Atlanta, Georgia. He attended North Fulton High School<ref name=wsj />. Following high school, he spent one year at Emory University, then transferred to the University of Georgia. While at the University of Georgia he was a member of Chi Pi Fraternity. Following graduation he began working as an executive at Life Insurance Company of Georgia. He ascended to the position of president and chairman of the board in 1970. He retired in 1978. |
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==Purchase of Atlanta Falcons== |
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He purchased the Falcons as an [[expansion team]] in [[1965 in sports|1965]], paying a $8.5 million fee. At death his son, Taylor Smith, inherited the team. Smith initially became wealthy through the insurance business. |
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{{main| History_of_the_Atlanta_Falcons}} |
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In the early 1960’s, the National Football League wanted to expand and create a bigger southern fan base. The league looked to place one or more teams in the South. Smith, then an Executive Vice President at the Life Insurance Company of Georgia, was the successful bidder for an expansion team. Smith paid a then unprecedented 8.5 million dollars <ref name=chronicle /> for the ownership of the new Atlanta Falcons. Smith secured exclusive rights to Atlanta-Fulton County Stadium, where the Falcons played for 26 seasons. Smith was instrumental in the construction of the Falcons’ current stadium, the Georgia Dome. Smith threatened to move the team if a new stadium was not built. |
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Smith continued to manage day-to-day operations of the team until 1990, when he turned control of the team over to his son, Taylor Smith. The team was sold to Arthur M. Blank in 2002 for $545 million. |
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==References== |
==References== |
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Revision as of 18:22, 15 August 2008
Rankin M. Smith, Sr. (October 29, 1924 — October 26, 1997) was an American businessman and philanthropist. A long time resident of Atlanta, Georgia, Smith was very active in the Atlanta community. Smith served as president of the Life Insurance Company of Georgia from 1970 to 1976. Smith was also the owner of the National Football League’s Atlanta Falcons.
Professional Life
Smith was born October 29, 1924 in Atlanta, Georgia. He attended North Fulton High School[1]. Following high school, he spent one year at Emory University, then transferred to the University of Georgia. While at the University of Georgia he was a member of Chi Pi Fraternity. Following graduation he began working as an executive at Life Insurance Company of Georgia. He ascended to the position of president and chairman of the board in 1970. He retired in 1978.
Purchase of Atlanta Falcons
In the early 1960’s, the National Football League wanted to expand and create a bigger southern fan base. The league looked to place one or more teams in the South. Smith, then an Executive Vice President at the Life Insurance Company of Georgia, was the successful bidder for an expansion team. Smith paid a then unprecedented 8.5 million dollars [2] for the ownership of the new Atlanta Falcons. Smith secured exclusive rights to Atlanta-Fulton County Stadium, where the Falcons played for 26 seasons. Smith was instrumental in the construction of the Falcons’ current stadium, the Georgia Dome. Smith threatened to move the team if a new stadium was not built. Smith continued to manage day-to-day operations of the team until 1990, when he turned control of the team over to his son, Taylor Smith. The team was sold to Arthur M. Blank in 2002 for $545 million.
References
James Quick and Rodney D. Fort, Paydirt: The Business of Professional Team Sports (Princeton University Press, 1992), ISBN 0691042551, p. 409.
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