MEMPHIS, Tenn. — The City of Memphis is proposing to give $120 million in state grant funding toward the renovations of Simmons Bank Liberty Stadium and transfer the stadium’s ownership to the University of Memphis Auxiliary Services Foundation, the city announced Tuesday morning.
The city said also FedEx Founder and Executive Chairman Frederick W. Smith and his family are providing the university with the largest present in the school’s history: a $50 million challenge gift.
“The upgrade and modernization of this community’s two most important sports venues, FedExForum and the Liberty Bowl, is of paramount importance to the future of FedEx's headquarters city,” said Richard W. Smith, on behalf of the Smith Family, in the city’s press release. “In the same vein, increasing the attractiveness of Memphis as an entertainment destination around FedExForum and the Liberty Bowl is both essential for economic growth and increased employment."
Memphis Athletics is starting a $50 million capital campaign to match the Smith family’s gift. The leadership phase of the campaign will begin immediately.
In October, Memphis City Council unanimously voted to approve $350 million in the form of a Tennessee House grant for stadium renovations. The rest of the $230 million will be allocated to renovate FedExForum, said Mayor Jim Strickland.
He also said the city is working to finalize a deal with the Grizzlies to keep the team in Memphis for an additional 25 years.
If the city council approves the resolution, the ownership transfer will occur Dec. 30, the city said. More details on Liberty Stadium renovation plans would be released later as well.
“As a Tiger fan and U of M graduate, I could not be happier that we are able to make this happen,” Strickland said in the press release. “With these renovations, the stadium will receive much needed upgrades, and this puts the University in an excellent position as they continue to work towards entrance into a Power Five conference."