Good News for Grizzlies As $5.8 Billion Rich FedEx Founder Makes a Major Promise in Tough Times
USA Today via Reuters
Jan 16, 2023; Memphis, Tennessee, USA; Memphis Grizzlies guard Ja Morant (12) reacts during the second half against the Phoenix Suns at FedExForum. Mandatory Credit: Petre Thomas-USA TODAY Sports
Things might get better for the Grizzlies with a domino effect. This time with one of the American business magnates and investors stepping in. Amidst the crisis on the court comes a relief for the Memphis Grizzlies as the FedEx founder puts in his money to develop the Tiger’s home stadium.
After revolutionising business, Frederick W. Smith and the Smith family are now lending a hand to make a donation for the betterment of the Simmons Bank Liberty Stadium.
Fred Smith gifts $50 million to the University of Memphis
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The FedEx founder and executive chairman, FredSmith, and his family have apparently put in his $50 million for the renovation of the Simmons Bank Liberty Stadium and FedExForum, Memphis’ most important sports venues. This comes after an announcement on Tuesday from the University of Memphis as the largest donation in the school’s history. The detailed plans for the same will be announced later on as per the announcement.
Breaking: Fred Smith family gives $50 million to forge new stadium deal. Grizzlies sign off on it. Tigers may control Liberty Bowl. https://t.co/TOCqmeCfMh
— Geoff Calkins (@geoff_calkins) November 21, 2023
The Memphis city and the University of Memphis had previously signed a two-year lease agreement for the Simmons Bank Liberty Stadium. The stadium is the home court of the Memphis Tigers soccer team. This announcement comes as the next step with getting the stadium remodelled this time. Moreover, the deal could be good news for the Memphis Grizzlies as well.
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What’s in it for the Grizzlies?
The $250 million FedExForum arena is home to the Memphis Grizzlies and the University of Memphis Tigers men’s basketball team since its opening in 2004. After the 100-102 loss against the Celtics on Monday, the Grizzlies might still get hold of some bags soon with this announcement being made.
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The announcement has come with the domino effect of Fred Smith and his family freeing up cash for the Memphis Grizzlies and the city of Memphis to renovate FedExForum. This time in addition to the come with the Grizzlies for 25 years extension for the Grizzlies as their lease ends in 2029 at the FedExForum. The Memphis players might be getting a $50 million campaign with its leadership phase beginning soon. The Grizzlies might finally get to treat themselves amidst player suspension and injuries.
With no finalised agreement about the renovation of FedExForm being out yet, there seems to be a high chance of the Grizzlies getting the bag soon.
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Written by:
Edited by:
Saumya Khanduja
