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Gov. Bill Lee announces $350M to renovate FedExForum and Liberty Stadium

Adam Friedman Duane W. Gang
Memphis Commercial Appeal
A MATA bus sits outside the FedExForum.
  • Memphis leaders unveiled a plan to renovate the venues last year.
  • But the plans are contingent upon state support.
  • Now, Gov. Bill Lee is ready to deliver.

Memphis Mayor Jim Strickland asked for $350 million to renovate several sports venues in the city — including FedExForum — and Tennessee Gov. Bill Lee wants to deliver.

Lee unveiled the proposal in his upcoming budget pitch for the next fiscal year.

Lawmakers will have to approve the funds, but House Speaker Cameron Sexton, R-Crossville, has previously said he is in favor of the funding.

In October, the city revealed $684 million in stadium plans. The plans are contingent on state funding — more than $500 million worth. That would pay for a $150 million to $200 million renovation of Simmons Bank Liberty Stadium, a renovation for FedExForum, a new soccer stadium to replace Mid-South Coliseum and an overhaul for AutoZone Park.

The state's money appears to not include funding for the Mid-South Coliseum soccer stadium or AutoZone park.

FedExForum:Memphis mayor's 'big ask' on sports facilities would change city's history | Giannotto

Stadium plan:$684M in stadium plans for Grizzlies, Tigers football and replacing the Mid-South Coliseum

Still, Lee's budget proposal would be a major head start in that effort to revamp the city's sports venues. Strickland unveiled his request to the state in November 2022.

Memphis is also asking the General Assembly for permission to raise the hotel-motel tax to 5% – up from the current 3.5% – and for the extension of two tax incentives that already help subsidize FedExForum. The city is asking for the extension of the car rental sales tax rebate and the sales tax rebate until 2053.

Tennessee House speaker:'Hopeful' about FedExForum, Simmons Bank Liberty Stadium funding

City leaders want the money in the hopes that a renovated FedExForum will keep the Memphis Grizzlies in the city long-term and help the University of Memphis join a larger athletic conference.

The Grizzlies' lease with the city at FedExForum expires after the 2028-29 NBA season and neither the team nor the city have unveiled a specific plan for the renovations. Both Strickland and Grizzlies President Jason Wexler have indicated previously the renovation would include a reconfiguration of the seating inside the arena to allow for more lower-level ticket sales.

Mark Giannotto contributed to this report.

Adam Friedman covers state government and politics. Reach him by email at afriedman@tennessean.com.