Shelby County Commissioners vote unanimously to keep Grizzlies in Memphis through 2029

MEMPHIS, Tenn. (WMC) - As Grizzlies fans buzz with playoff excitement, the deal surrounding the team remaining based in Memphis has been extended through 2029.

Many fans call this the most exciting season in Memphis Grizzlies history. The team finished the regular season with multiple franchise records.

”There’s new energy, new momentum, and I think this is just so appropriate that the lease was renewed and we’re looking forward to the Grizzlies bringing home a championship,” Shelby County Commissioner Van Turner said.

The City of Memphis and Shelby County worked together to build FedExForum nearly two decades ago, and they signed an agreement with the Grizzlies organization at that time.

According to the Commercial Appeal, under the new agreement, the city and county will pay the Grizzlies $4.95 million a year for four seasons, starting with 2021-2022.

Then the city and county will pay the Grizzlies $6.3 million for the four seasons after that, ending in 2028-2029.

”Obviously retaining a team such as the Grizzlies and where the Grizzlies are now is not going to be cheap, but again for all the value that they bring to the city, for all of the sales tax revenues which are generated as a result of the Grizzlies being here, you know, I think the city and the county comes ahead,” Turner said.

The City Council does not have to vote on the agreement but it does have to be approved by the NBA.

The Grizzlies will have to wait for the play-in tournament games to find out their first-round opponent in the playoffs.

Action News 5 reached out to the Grizzlies for a statement on the agreement. We have not heard back.

Copyright 2022 WMC. All rights reserved.

Click here to sign up for our newsletter!

Click here to report a spelling or grammar error. Please include the headline.