Memphis basketball had a winning season this year, but the Tigers failed to bring out crowds to FedExForum home games.
Tiger’s basketball attendance is the lowest seen in 35 years.
Not seeing fans in the seats means not seeing money in the University of Memphis bank account.
The Tigers need to get 10,000 fans through the turnstiles at FedExForum per game to get nearly a million dollar payout from the Memphis Grizzlies at the end of each season.
That’s the lease agreement between the bears and the cats.
An average of 10,000 to 6,000 results in a reduced amount, but fewer than 6,000 fans in seats equals zero dollars.
Last year an average of 9,600 people attended games.
The official attendance numbers for this are not available yet for this season, but it will be close, right around 6,000.
At this rate, the tigers will lose more than money.
The lease contract with FedExForum says if fan turnout falls below that 6,000 mark, two seasons straight, the Grizzlies could terminate the lease to play games at FedExForum.
We’ve reported if Smith gets the boot U of M will have to pay out the remainder of his contract, nearly $10 million.
When you weigh what the team is already looking at in ticket sales and revenue from the Grizzlies, plus the possibility of having no where to play ball, the experts say the decision is an easy one.
The Tigers need a new coach who can turn everything around and Penny maybe the only one who can get people to show up.
