The deal will see FedEx take up the naming rights to the Grizzlies' new $250million (EUR254.8m) basketball arena.
The international shipping company had declared its intention to tie up a deal for the stadium naming rights to the Grizzlies arena when the franchise moved to Memphis from Vancouver before the last NBA season. FedEx's involvement was crucial to the decision to move to Memphis as opposed to Louisville in Kentucky.
FedEx, which also holds the naming rights to the FedEx Field - home of NFL side the Washington Redskins, has now made good its promise by agreeing a 20-year rights deal with the Memphis Grizzlies reputed to be worth in the region of $90million (EUR91.7m).
The FedEx Corporation brand will adorn the home of NBA franchise the Memphis Grizzlies after the two parties agreed a stadium naming rights deal.
