Memphis Mayor Paul Young is “not putting a timeline” on when he hopes the Grizzlies’ lease negotiations with FedExForum will conclude, saying only that dialogue between all parties “is ongoing,” according to Omer Yusuf of the MEMPHIS BUSINESS JOURNAL. Young said, “Every day I feel like we’re getting closer. We have some time, but my goal is to get it done as quickly as we can.” The current lease between the Grizzlies and Shelby County, the City of Memphis and the Memphis and Shelby County Sports Authority expires after the 2028-29 season. For now, the city and Grizzlies “remain without a long-term lease agreement” for FedExForum as 2025 nears an end. Also, the wait “continues for FedExForum renovations.” Young introduced the additional funding measures for the renovation in February. Renovations would “not start” until the Grizzlies and City reach a new lease deal. It is not clear how “long any potential lease agreement could be.” Also, the $230M in funding allocated by the State of Tennessee does “not cover the estimated” $550M cost of the FedExForum renovation. Progress “has been made,” though, in 2025 on covering the remaining funds for the renovation. Young: “We’re working toward $550 million [estimated renovation price], and the goal is to make the renovations that will allow us to be able to have a great fan experience and also do it in a way that minimizes [financial] interest” (MEMPHIS BUSINESS JOURNAL, 12/11).
