Memphis Mayor Paul Young expressed optimism this week about the city reaching a long-term lease agreement with the Memphis Grizzlies by the end of summer.
Such an agreement would likely include finalized plans for a $550 million renovation of FedExForum. The Grizzlies’ current lease is set to expire in 2029.
“We’re working toward getting to an agreement on the principals that go in a lease by the end of the summer,” Young stated, highlighting the city’s commitment to securing the team’s future in Memphis.
Young also expressed confidence that the city has secured the necessary $550 million to fund the planned renovations.
“Getting the dollar amount was certainly the first hurdle that we wanted to overcome, making sure that we have all of the dollars to actually execute the project,” Young explained.
“Then it was a matter of really working through what the lease is actually going to look like and what the terms are going to look like, and our attorneys are continuing to work hard at getting all of those parameters in place.”
The proposed renovations are expected to modernize FedExForum, enhancing the fan experience and ensuring the arena remains a competitive venue for NBA events.
Memphis Hopes To Sign Grizzlies To Long-Term Lease As Part Of $550M FedExForum Renovations https://t.co/YFuwaAnJsE
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