The lease ends in 2029.
There Seems To Be No Movement In The Memphis Grizzlies Ownership Arena Lease Negotiations
January 31, 2026
In March 2025, it appeared that the National Basketball Association Commissioner Adam Silver had one less arena problem that needed his lobbying expertise. Memphis Mayor Paul Young thought an agreement to renovate the city’s arena, which is the home of the Memphis Grizzlies franchise, using taxpayers money would be reached by the end of the summer of 2025 and that the $550 million needed to modernize the facility would be available. Young said at the time. “We’re working toward getting to an agreement on the principals that go in a lease by the end of the summer.” The money is available. But, the Memphis Grizzlies franchise ownership has not signed a new arena lease. The present deal between the franchise owners and the municipality ends in 2029. There doesn’t seem to be much of a hurry to get the deal done.
The renovations cannot start until there is a deal in place between the franchise and the municipality. Part of the $550 million in funding will come from an increase to the Shelby County hotel-motel tax after the Tennessee legislature approved a bill in 2024 that will allow the county to increase it. There is no word on how much money that the Grizzlies’ ownership might kick into the renovation cost. There is also no word on why it is taking a long time to complete the lease agreement between the Grizzlies ownership and the municipal government. Mayor Young said recently he remains optimistic about reaching a lease agreement with the Grizzlies ownership. In 2000, Vancouver Grizzlies owner Michael Heisley decided to look for a new home for his business and kicked the tires in six cities, Las Vegas, Anaheim, St. Louis, New Orleans, Louisville and Memphis. Heisley chose Memphis. The Memphis arena opened in 2004 and is now considered outdated.
Evan Weiner’s books are available at iTunes – https://books.apple.com/us/author/evan-weiner/id595575191
Evan can be reached at evan_weiner@hotmail.com
