In the late 1970s, Reynolds opened Burt's Place, a nightclub restaurant in the Omni International Hotel in the Hotel District of Downtown Atlanta, and briefly operated a second version at Lenox Square. He was a lifelong fan of American football, a result of his collegiate career, and was a minority owner of the Tampa Bay Bandits of the USFL from 1982 to 1986. The team's name was inspired by the Smokey and the Bandit trilogy and Skoal Bandit, a primary sponsor for the team as a result of also sponsoring Reynolds' motor racing team. Reynolds co-owned a NASCAR Winston Cup team, Mach 1 Racing, with Hal Needham, which ran the #33 "Skoal Bandit" car with driver Harry Gant. He was awarded an honorary doctorate from Florida State University in 1981 and later endorsed the construction of a new performing arts facility in Sarasota, Florida.