Amy Adams Strunk will remain the controlling owner and now own 50% of the TitansGETTY IMAGES
Titans Minority Owner Susie Adams Smith agreed to sell her shares to her family’s KSA Industries, which the team believes puts them in compliance with NFL ownership rules requiring a single controlling owner with full autonomy. Current Controlling Owner Amy Adams Strunk will now hold 50% of the Titans, with the remaining half owned by Kenneth Adams IV, Barclay Adams and Susan Lewis. The price was unknown. Adams Strunk will continue as controlling owner. “With this transaction, we are pleased to ensure that the legacy started by my father will continue in our family," said Adams Strunk in a statement. "We are thrilled to make this commitment and will continue to invest in our team’s future growth and success. Our belief in what lies ahead for this team is unwavering and we are eager to see it unfold.” The sale must be approved by the other NFL owners, who will consider the matter at a league meeting this week.
LOOKING TO BE IN COMPLIANCE: The Titans franchise, valued at $2.15B by Forbes, was fined in '16 for being out of compliance with NFL rules requiring a single person to hold at least 30% equity and have full autonomy on all team matters. Last month, the league gave Commissioner Roger Goodell the power to issue much larger fines to owners out of compliance with the rules. Upon Bud Adams’ death in '13, his estate was divided in three, with Amy Adams Strunk and Susie Adams Smith each receiving a third, and the other third divided by the surviving family of Bud Adams' son, Kenneth Adams III. While Adams Strunk has always owned a sufficiently big enough stake to be controlling owner under league rules, the terms of the succession left her without sole authority over major team decisions, sources said. The AP first reported the transaction.
