The Memphis (Tenn.) City Council on Tuesday voted to gift Simmons Bank Liberty Stadium to the University of Memphis foundation so the school can help fundraise money for necessary renovations.
According to the local ABC affiliate, the vote allocates $120 million in state funding to the U of M for upgrades and paves the way for a $50 million gift from FedEx founder Fred Smith.
The Memphis (Tenn.) City Council on Tuesday voted to gift Simmons Bank Liberty Stadium to the University of Memphis foundation so the school can help fundraise money for necessary renovations.
According to the local ABC affiliate, the vote allocates $120 million in state funding to the U of M for upgrades and paves the way for a $50 million gift from FedEx founder Fred Smith.
The resolution to transfer stadium ownership passed Tuesday, with two council members voting "no" and one abstaining from the vote.
“We are incredibly appreciative of the City Council for sharing our vision and voting to approve this resolution on Simmons Bank Liberty Stadium, which will position our University and football program for sustained success," Memphis Athletics said in a statement. "We look forward to working collaboratively in the coming weeks with the City administration, the Southern Heritage Classic, the AutoZone Liberty Bowl and the USFL to formalize agreements that will set us all up for success into the future.”
The vote means a $50 million gift from FedEx founder Fred Smith, which was contingent upon the university owning the stadium, will be honored and used for stadium upgrades.
Tuesday, the motion to add city-led oversight to the U of M's stadium board was withdrawn from the city council agenda without a vote, and the stadium transfer unopposed.
The state funding to renovate the stadium is part of $350 million allocated to the City of Memphis from Tennessee's stadium fund.
