Arthur L. "Art" Williams Jr. (born April 26, 1942) is an American insurance executive living in Palm Beach, Florida.
Believing that families were paying too much for whole life policies that left them poor in the wallet and deeply underinsured, Williams joined his cousin at ITT Financial Services in 1970.
In June 1973, six months before ITT went out of business, he left and went on board with Waddell & Reed, another Buy term and invest the difference (BTID) company that saw early success.
The company's rapid growth to become the largest seller of life insurance in the U.S. was enhanced by his emphasis on promoting his people.
[citation needed] Williams purchased and entirely renovated the old Edwards Inn and Spa in Highlands, North Carolina, spending nearly forty million dollars.
Williams first entered the ranks of sports ownership in 1995, when he was granted a Canadian Football League (CFL) expansion franchise for Birmingham, Alabama.
Fan support and attendance for home games were initially strong during the summer months, but declined considerably when the NFL, NCAA, and high school football seasons started.
Knowing the 'Cudas could not even begin to go head-to-head with Alabama and Auburn football, Williams persuaded the CFL to allow the Barracudas to play their September and October home games on Sundays.
[4] Williams was outspoken in his criticism of the CFL and its style of play, and along with the other American team owners wanted changes made to several league rules.
The statement drew heavy criticism in hockey circles, as it placed lofty expectations on the young forward in addition to revealing how little Williams knew about the sport.
His lack of knowledge about hockey, combined with his thick Southern accent and fundamentalist Christian views, made him an easy target for ridicule from his NHL colleagues, who often referred him as "Jed Clampett" behind his back.
By the spring of 1999, the team's on-ice performance, along with the turmoil in the front office and long-term financial situation proved to be too much to handle.
He would go on to explain his refusal for being as visible as he was in the early stages of his ownership was his disappointment regarding the venture, citing "this team broke my heart".