Special Update

Friends,

Nearly 18 months ago, our City team began the work that ultimately resulted in us receiving $350 million in State grant funds in Governor Lee’s 2023-2024 budget for stadium renovations in our city. After months of negotiations, I am pleased to say we have reached agreement between the City of Memphis, the University of Memphis, and the Memphis Grizzlies on the breakdown of those funds.

We announced at City Council earlier today that, subject to city council approval, the University of Memphis will receive $120 million in State grant funds, and we will transfer ownership of the Simmons Bank Liberty Stadium to the University of Memphis Auxiliary Services Fund on December 30, 2023.

Additionally, FedEx Founder and Executive Chairman Frederick W. Smith and his family have committed a $50 million challenge gift to the University of Memphis for renovations to Simmons Bank Liberty Stadium, which marks the largest gift in University history.

Memphis Athletics will be launching a $50 million capital campaign to match the Smith Family’s monumental commitment to the University, with the leadership phase of the campaign beginning immediately. The renovations to the football stadium will total $220 million.

The remaining $230 million in State grant funds will be allocated to renovations at FedExForum. We are still working with the Grizzlies to finalize a deal to keep them in Memphis for an additional 25 years, and I am optimistic we can reach a framework of an agreement soon.

Pending City Council approval, these investments will be transformational for the UofM and FedExForum.

 

Thank you to the Governor Lee and the General Assembly and the Smith Family for their contribution to these projects. Thank you to our City team, the University of Memphis, and the Memphis Grizzlies for their collaboration and cooperation throughout this process.

Yours,