The University of Memphis men's basketball team has taken thefirst step to get out of The Pyramid next season.
The County Commission approved Monday the release of the teamfrom its contract to play in The Pyramid.
The contract, signed in 1988, required the Tigers to remain astenants in the building for the life of the facility.
In letting the Tigers out of their lease, the County Commissionalso agreed to allow The U of M to keep up to $350,000 in interestearnings from the FedExForum construction project.
The cause for the move is the construction of thestate-of-the-art arena for the NBA's Memphis Grizzlies.
Shelby County Mayor A C Wharton told the Associated Press he sawthe plan as the best alternative for Memphis and taxpayers. Whartonsaid the release was logical because even if the Tigers played inThe Pyramid next season, the publicly owned building would stilloperate at a loss.
The Mayor said there are some "substantial suitors" for ThePyramid after the Tigers leave, but negotiations with thosepotential suitors were limited due to the uncertainty of whereMemphis would play next year.
However, the release is not final. The city and state, whichhelped finance the construction of the riverfront facility, mustboth agree to the team's move.
The decision to release the team came a month after both thecity and county rejected a proposal to give The University $125,000annually for the next 20 years for the Tigers to move to theForum.
U of M President Shirley Raines said The U of M will most likelyrecoup the lost monies through donations from school supporters andraised ticket prices.
