In an early visit to the City of Memphis, Cupid has proven thatGrizzly bears and Bengal tigers can coexist -- in the FedExForum.
The Memphis Tigers basketball team will play home games at theFedEx Forum, along with the Grizzlies, beginning next season,University of Memphis officials and Memphis Mayor Willie Herentonannounced Monday afternoon.
The deal puts the Tigers and the Grizzlies in the Forum for thenext 20 years.
The announcement "represents a milestone in professional andcollegiate sports in this great City of Memphis," Herenton said."Through the efforts and cooperation of everyone involved, we haveworked through the issues to reach an outstanding solution."
The decision may come as a surprise to some who believed theTigers would stay in the Tomb of Doom, made famous by former TigersAnfernee "Penny" Hardaway, Lorenzen Wright and Dajuan Wagner. Butadvocates of the move say it's based on the best interest of thefans andthe city.
"The day the city and county agreed to build FedEx Forum, theysealed the fate of The Pyramid," said Mike Rose, chairman of The Uof M Board of Visitors Athletic Advisory Committee. "People whodidn't understand that were either choosing not to recognize it orjust weren't looking at the whole picture.
"So I think The University is doing what's in its best interestfrom a fan base, from a booster base, from a recruiting base and anopportunity to play in a world-class arena not very manyuniversities have."
Among those who attended Monday's press conference and agreementsigning were U of M President Shirley Raines, U of M AthleticDirector R.C. Johnson, Grizzlies President of Business OperationsAndy Dolich and President of Basketball Operations for theGrizzlies Jerry West.
All parties said they were enthusiastic about the Tigers' move,including Raines.
"This decision was made on what is in the best interest for thefuture of The University of Memphis and for Tiger athletics," saidRaines, who has received tentative approval for the move fromCharles Manning, chancellor of the Tennessee Board of Regents(TBR), and Phil Bredesen, chair of the TBR.
Tiger coach John Calipari said the Tigers' new home can help theprogram steer itself in positive directions and will beinstrumental in recruiting, attracting alumni involvement, andattracting more students.
There was plenty of public speculation about the possiblefinancial consequences should the Tigers leave The Pyramid, butHerenton said he feels optimistic about the move.
"This is a sound financial decision for all government and forthe taxpayers," Herenton said in a prepared statement. "TheGrizzlies will be responsible for any operating loss at FedExForum."
The Tigers will be responsible for operating loss for ThePyramid, which includes the upkeep of the arena, estimated ataround $1.3 million annually.
Contract Details Info Box
Terms of Lease - 20 years
Guarantee Payment to U of M - $800,000 per year if attendanceaverages 10,000 per game
Seat Ticket Revenue - 100 percent to U of M
Broadcast Rights - 100 percent to U of M
Game Day Costs - Estimated at $30,000 per game. U of M's shareis $10,000 per game
Financial Support - City and County will provide financialsupport to the University
Contract Approval - Contract is contingent on all municipal,county and state approvals.
