Rankin M . Smith , Sr . Rankin M . Smith , Sr . ( October 29 , 1924 – October 26 , 1997 ) was an American businessman and philanthropist . A longtime 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 founding owner of the National Football League ’ s Atlanta Falcons . Personal life . Smith was born October 29 , 1924 in Atlanta , Georgia . He attended North Fulton High School . 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 . 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 . Smith was married twice . First , to the former Miriam " MeMe " Wellman ( 1945 - 1974 ) with whom he fathered five children : Rankin , Carroll , Dorothy Ann , Taylor and Karen . These five were the genesis behind the corporate name of the Atlanta Falcons Football Club , The Five Smiths , Inc . In 1976 , he married Charlotte Topping , the widow of former New York Yankees owner Dan Topping . He died on October 26 , 1997 , from complications resulting from heart failure . Purchase of the Atlanta Falcons . In 1965 , the unexpectedly successful American Football League wanted to expand to Atlanta . Smith , then an executive vice president at the Life Insurance Company of Georgia , was awarded an AFL franchise , but reneged on his agreement when the older National Football League offered him a franchise . He paid a then unprecedented 8 . 5 million dollars on June 30 , 1965 for an NFL team based in Atlanta . 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 , threatening to move the Falcons elsewhere if a new stadium was not built . When Smith backed out from the AFL agreement , the AFL franchise was then awarded to Miami , where the Dolphins went on to unprecedented success , while the NFL ' s Falcons have yet to win a championship . 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 . 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 . In 1985 Smith founded the Atlanta Falcons Youth Foundation . It provides grants to non - profit organizations across Georgia , focusing on programs which benefit children . Following his death , three of Smith ' s children ( Rankin Smith , Jr . , Dorothy Smith Knox , and Taylor Smith ) donated $ 3 . 5 million to the University of Georgia Athletic Association in his memory . 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 . Further reading . James Quick and Rodney D . Fort , " Paydirt : The Business of Professional Team Sports " ( Princeton University Press , 1992 ) , ISBN 0 - 691 - 04255 - 1 , p . 409 .