Rankin M. Smith, Sr.

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.cite web
title = Falcons owner Rankin Smith dies
work = Football @ Augusta
publisher = Augusta Chronicle Online
date = 1997-10-27
url = http://chronicle.augusta.com/stories/102797/fb_smithobit.html
accessdate = 2008-08-15]

Personal life

Smith was born October 29, 1924 in Atlanta, Georgia. He attended North Fulton High School.cite web
title = Rankin Smith, 72, the Owner Of the Falcons
publisher = The New York Times
date = 1997-10-27
url = http://query.nytimes.com/gst/fullpage.html?res=9C00E1DD1731F934A15753C1A961958260
accessdate = 2008-08-15] 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 Phi Fraternity. [cite web
title = Welcome to Chi Phi at Auburn University! The Mu Delta Chapter
publisher = Chi Phi Fraternity
date = 2007
url = http://www.auchiphi.com/default.asp?ID=11
accessdate = 2008-08-15] 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. [cite web
last = Bowden
first = Yvette
title = Life Insurance Company of Georgia
work = New Georgia Encyclopedia
publisher = Georgia Humanities Council and the University of Georgia Press
date = 2005-12-10
url = http://www.newgeorgiaencyclopedia.org/nge/Article.jsp?path=/BusinessIndustry/Business/Insurance&id=h-2608
accessdate = 2008-08-15] He died on October 26, 1997, from complications resulting from heart failure.

Purchase of the Atlanta Falcons

In the early 1960s, 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. In 1965 Smith paid a then unprecedented 8.5 million dollars for the ownership of the 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. [cite web
last = Lowry
first = Tom
title = The NFL Machine
publisher = Business Week
date = 2003-1-27
url = http://www.businessweek.com/magazine/content/03_04/b3817001.htm
accessdate = 2008-08-15]

On Interstate 985 in the northern suburbs of Atlanta, Exit #12—which leads to the Atlanta Falcons training complex in Flowery Branch—is named in Smith's honor.

Philanthropy

Smith was extremely generous and made significant donations to causes in and around Atlanta, a tradition his estate continued after his death. He was a major contributor to the Fernbank Museum of Natural History. In addition to making individual contributions, he led a fundraising drive which raised $43 million for the museum. The Museum’s IMAX theater is named for Smith. [cite web
title = Now Showing
publisher = Fernbank Museum of Natural History
url = http://www.fernbankmuseum.org/imax/now_showing.aspx
accessdate = 2008-08-15]

In 1985 Smith founded the Atlanta Falcons Youth Foundation. [cite web
title = Falcons' Dan Reeves Named 'Staples NFL Coach of the Year'; On-Line Balloting Levels by Fans Reach All-Time High; Atlanta Falcons Youth Foundation to Receive $25,000 Donation
publisher = Business Wire
date = 1999-1-26
url = http://findarticles.com/p/articles/mi_m0EIN/is_1999_Jan_26/ai_53644019
accessdate = 2008-08-15] It provides grants to non-profit organizations across Georgia, focusing on programs which benefit children.

Following his death, Smith’s estate donated $3.5 million to the University of Georgia Athletic Association. The donation was a major component of the University’s “Investing in Champions” initiative. In recognition of the donation the university named the major building built under the program, a student-athlete academic center, after Smith. [cite web
title = Rankin M. Smith Academic Center
publisher = georgiedogs.com
date = 2003-1-27
url = http://www.georgiadogs.com/ViewArticle.dbml?DB_OEM_ID=8800&ATCLID=303010
accessdate = 2008-08-15]

References

Further reading

James Quick and Rodney D. Fort, "Paydirt: The Business of Professional Team Sports" (Princeton University Press, 1992), ISBN 0691042551, p. 409.