https://www.bizjournals.com/memphis/news/2023/04/21/strickland-sports-venues-state-funds-350-million.html Strickland told the City Council in October that FedExForum isn't up to NBA standards anymore. While the Memphis Grizzlies are contractually obligated through 2029, Strickland noted that major upgrades were needed to help keep the team in place beyond that expiration date. The renovations would also benefit the University of Memphis men's basketball team, which plays at FedExForum. “In general, there needs to be fewer seats in the upper tier section of the arena and more on the lower tier,” Strickland said. “The upper section has 45% of all the seats in the arena. We’d like to put more lower, where frankly the views are better. The shell of the building would stay intact, but we would scrape the inside and rebuild.”
Strickland noted that the City and the Grizzlies must enter into an agreement before any potential work to the FedExForum begins. “But obviously, we wouldn’t do any of this work if they don’t agree to stay for another 25 years,” Strickland said in a March interview with MBJ. _______________________________________________________________________________________________________________________
As of April 20, 2023, this project is still in conceptual. Discussions on a renovation and a new stadium is till in unknown. Further details regarding design and construction have not been confirmed. A firm timeline for construction has not been established. The closed solicitation has been included below for reference. Mayor Strickland proposed building a new stadium for 901 FC -- as well as major renovations of the Simmons Bank Liberty Stadium, FedExForum, and AutoZone Park -- in October 2022. The overhaul plan covering all facility upgrades proposed to City Council was expected to cost $684 million. The Memphis Grizzlies' home arena, the famous FedExForum, could be in line for as much as $350 million in renovations. Grizzlies executives and members of the Memphis City Council have reportedly discussed preliminary plans to renovate the arena with several upgrades. The upgrades would be part of $684 million in arena funding plans proposed by Memphis Mayor Jim Strickland, which seek to extend two existing taxes that fund FedExForum's debt. What do the renovations include One major detail discussed is inverting the number of seats in the arena's lower bowl. That would allow the Grizzlies to generate more revenue by having more premium seats. Per Forbes Magazine, the Grizzlies franchise is valued at $1.65 billion
Their FedExForum lease expires after the 2028-'29 season.
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