Susie Adams Smith is selling her one-third stake in the Tennessee Titans.
The Titans called an initial report from Bloomberg that Smith was selling her stake in the NFL franchise “generally accurate,” and a short time later issued a statement from controlling owner Amy Adams Strunk about her sister’s decision to sell.
“Recently Susie began the process of selling her portion of KSA Industries, which includes a fractional indirect interest in the Tennessee Titans,” the statement said. “We respect her right to make this decision and will cooperate fully with the process, which will not impact team operations in any way.
“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 Aams 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 an we are excited to see the results on and off the field for years to come.”
Smith is also planning to divest herself of her share of her late father, Bud Adams’, KSA Industries holdings as well, a corporation that includes many oil and energy businesses as well as a diverse number of other holdings.
In the Bloomberg report, team president Steve Underwood said that the sale of Smith’s shares of the team would not affect controlling owner Amy Adams Strunk’s controlling interest in the team.
Smith’s share of the franchise is expected to be sold in its entirety and will not be sold in any portions.
When Bud Adams died in 2013, his daughters, Amy and Susie, each received a one-third share of the franchise and in all of KSA Industries. The other third was given to the survivors of Bud Adams’ late son, Kenneth Adams III. That share was evenly divided among his daughter-in-law Susan Lewis and his grandsons Kenneth Adams IV and Barclay Adams. Kenneth Adams IV is on the team’s board of directors and is involved in the team’s operation along with Strunk, who is the controlling owner.
Initially, after Bud Adams’ death, the family installed Susie Adams Smith as controlling owner and made her husband Tommy Smith team president. However, during Tommy Smith’s run as president, the team’s performance on the field declined and there were a number of organizational issues where the franchise was lacking.
In 2015, Smith left his post as president and Strunk took over as the team’s controlling owner.
The Titans’ ownership structure has been called into question by the NFL, even causing the league to fine the franchise a six-figure amount in 2016.
Just last week Strunk was asked about the team’s ownership structure and told TitanInsider.com that those issues were “hopefully resolved.”