Tennessee Titans co-owner Susie Adams Smith has agreed to sell her share of the team to the family controlled KSA Industries Inc., according to published reports.
Adams Smith, a daughter of team founder Bud Adams, held one-third ownership of the club. The sale is expected to be on the agenda of Wednesday’s NFL owners meetings.
If approved by the NFL, Amy Adams Strunk, who also is a daughter of Bud Adams, will own 50 percent of the team. The other 50 percent will be held equally by Kenneth Adams IV, Barclay Adams and Susan Lewis.
Adams Strunk is the controlling owner.
“With this transaction, we are pleased to ensure that the legacy started by my father will continue in our family,” Adams Strunk said 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 family had been under pressure to resolve the situation as NFL policy calls for a team to have a clear managing partner in terms of decisions-making. The Titans reportedly needed a 75 percent majority vote when it came to major changes.
Bud Adams died in 2013 and left three equal shares of the club to descendants. He founded the Houston Oilers, who began play in 1960. Adams moved the franchise to Tennessee after the 1996 season.