MEMPHIS, Tenn — On Monday, Memphians have gotten their answer to how the city will split up $350 million in state money to improve Simmons Bank Liberty Stadium and FedExForum in a way that will satisfy both Memphis Grizzlies and Tigers fans.
In addition to the City of Memphis proposing to give $120 million in state grant funding toward the renovations of Simmons Bank Liberty Stadium, FedEx Founder and Executive Chairman Frederick W. Smith and his family have committed a $50 million challenge gift for renovations to the stadium. Memphis Athletics will be launching a $50 million donation campaign to match the Smith family’s contribution, bringing the potential total amount to $220 million in renovations.
“A potential historic day for what we're trying to do and accomplish for the stadium renovations,” said Highland Hundred Memphis Football Booster Club President Phil Glass. “It's something that's been on all Tigers fans' hearts and minds.”
For Glass, a lifelong Memphis Tigers fan, the announcement of the potential multi-million-dollar stadium renovations has been a long time coming.
“This will do nothing but help us move further along, and hopefully, here in the near future, be able to step into a [Power 5] program,” Glass said.
A state-of-the-art stadium could help the 8-3 Tigers make that jump. People anticipate this level of success will lift up the entire city.
“You can look all over the country about the football effect on campuses, whether it was when Tim Tebow was in Florida, Nick Saban and Alabama,” said Memphis City Councilman Chase Carlisle. “We want people to come to the University of Memphis, and we want them to stay.”
Councilman Carlisle led the charge on the resolution to put $120 million in state grant funding towards the stadium renovations and transfer ownership of the stadium to the university.
Mayor Jim Strickland said the remaining $230 million in state money will go towards upgrading FedExForum. However, that amount is less than half of the roughly $550 million that documents say the Memphis Grizzlies are seeking. The remaining money could be filled by new tax revenues, but those must be approved by the state.
The city council is set to vote on the resolution during its next meeting Dec. 5.