Mayor Jim Strickland of Memphis has suggested a $350 million renovation of various sports facilities in the city, including FedExForum. This proposal has the backing of Tennessee Governor Bill Lee, who has included it in his fiscal year budget proposal. The project requires approval from state lawmakers, but House Speaker Cameron Sexton, a Republican from Crossville, has expressed support for the funding.
In October 2022, Memphis proposed a $684 million stadium renovation plan, which would receive partial funding from the state, estimated at over $500 million. The renovation proposal includes a comprehensive renovation of Simmons Bank Liberty Stadium costing between $150 million and $200 million, upgrades to FedExForum, a new soccer stadium to replace the Mid-South Coliseum, and a major revamp of AutoZone Park.
Governor Bill Lee’s budget for the upcoming fiscal year doesn’t include funds for renovating the Mid-South Coliseum soccer stadium or AutoZone Park. However, it marks a significant step towards reviving the sports facilities in Memphis. In November 2022, Mayor Jim Strickland requested state funding, and Memphis is also seeking approval from the General Assembly to raise the hotel-motel tax rate from 3.5% to 5% and extend two tax incentives that currently support FedExForum.
City officials are asking for a continuation of the car rental sales tax rebate and sales tax rebate until 2053. By renovating FedExForum with this funding, city leaders believe they will secure the Memphis Grizzlies’ long-term stay in the city and offer the University of Memphis the chance to join a more highly regarded athletic conference.
The city’s lease agreement with the Memphis Grizzlies for FedExForum is set to end after the 2028-29 NBA season, and so far, neither the city nor the team have revealed any specific renovation plans. However, Mayor Jim Strickland and Grizzlies President Jason Wexler have hinted in the past that the renovation would involve reconfiguring the arena’s seating to allow for more lower-level ticket sales.