Amidst a pep rally atmosphere at The Plaza Club in downtown Memphis Monday, AutoZone founder J. R. "Pitt" Hyde III announced two NBA teams, the Vancouver Grizzlies and Charlotte Hornets, have applied to relocate to Memphis.
Monday marked the NBA's deadline for owners to apply for relocation, and Hyde said NBA Commissioner David Stern told him Monday afternoon that Vancouver owner Michael Heisley and Charlotte co-owner Ray Woolridge had both applied to move their teams to Memphis.
A relocation committee of the NBA Board of Governors has 120 days to decide which team may begin negotiations with the Memphis ownership group, which is spearheaded by Hyde. Once the committee makes a decision, Hyde said, it will forward its recommendation to the NBA's Board.
Hyde congratulated the city for nabbing a professional team after three decades of attempting to lure a franchise, but warned Monday's announcement was only the beginning of bringing a team to Memphis.
"Congratulations to all Memphians," said Hyde. "After 30 years of pursuing a national franchise, I am happy to report that the league has two franchises that have filed for Memphis as an NBA team. We have the Vancouver Grizzlies and the Charlotte Hornets. Both applied for transfers to Memphis. While today's action is an important hurdle to clear, it is really only the beginning of the process of bringing a team to the city."
Hyde said the expansion committee would do two things over the 120-day period, although he expressed hope that the process would not take that long. He said Stern told him the committee would first make sure Memphis qualifies as an NBA city, which amounts to examining Memphis' plans to build a new $200-$250 million arena downtown.
Additionally, the expansion committee will evaluate both the Vancouver Grizzlies' and the Charlotte Hornets' franchises, eventually choosing between them.
Charles L. Ewing, owner of Ewing Moving Service and partner with Hyde, said a move to Memphis by either team would have positive economic effects for the city.
"This NBA team is good for Memphis," Ewing said. "I believe it will take Memphis to another level. Economically, I think all Memphis businesses will benefit from this."
Since corporate giant Federal Express announced its plans last week to buy naming rights to the team and a new arena, many speculated the team would be named the "Memphis Express." However, Mike Glenn, executive president of FedEx, said Memphis should be wary of the rumor that Memphis' new team would be named after the company.
"I do want to point out one thing that is important to know," Glenn said. "While we have a high level of confidence that we can reach an agreement on the naming rights for the new arena, I do want to caution you about jumping to the conclusion that the team will be named the Express or any other name FedEx may choose."
Shelby County mayor Jim Rout said bringing a franchise to Memphis would cost the city money, but the opportunity gives the city a chance to prove to other cities it is ready for professional sports.
"Yes, it will cost money," he said. "Yes, it must be something we've got to determine we want to do. But for those who have been saying we are not at the bar, we are not a competitor, we are not where we need to be -- now is the time to step up and be counted."
Rout said plans to finance the new arena are still in the working stages. The money is expected to come from public sources and state assistance.
"We haven't crunched the numbers yet," he said. "In the coming couple of weeks, the city and the county will be working on that."
Speculation has surfaced that Charlotte owners want to keep an option to move to Memphis open, using a possible relocation as leverage in the hope that Charlotte voters approve a new $215 million downtown arena in a referendum in June.
There is also speculation an ownership swap could be possible, in which Heisley takes over the Hornets, remaining in Charlotte, and Woolridge teams up with the Memphis ownership group, taking over the Grizzlies.
Memphis Mayor Willie Herenton said regardless of which team is chosen, he hopes Memphians will support the franchise.
"I hope that Memphis will have an open mind," Herenton said. "This announcement today lays the groundwork for a very unique and exciting public-private partnership. Memphis, let's get behind this effort."
