MEMPHIS, Tenn. – FedEx Corp. joined the effort Tuesday to
move the NBA's Vancouver Grizzlies to Memphis, and backers said
they expect major state support for an area that will cost $200
million to $250 million.
AutoZone founder J.R. Hyde III, the leader of local corporate
efforts to attract the team, said state officials have indicated a
comparable level of support for a Memphis arena as was provided for
the NFL Titans' stadium in Nashville.
Grizzlies owner Michael Heisley wants to move his team from
Canada, and Memphis is one of the cities he reportedly is
considering. Others are Louisville, Ky.; Anaheim, Calif., and New
Orleans. Heisley faces a league-imposed March 26 deadline to make a
decision.
Hyde declined specifics but said public financing for an arena
likely would include state sales tax rebates, other tax breaks and
a bond issue for $50 million to $70 million.
"Memphis deserves a team. Memphis will support a team," Hyde
said.
Hyde, who said his group has been working on bringing an NBA
team to Memphis for more than a year, declined to name other
members of the group.
T. Michael Glenn, a FedEx Corp. vice president, said the
Memphis-based company is offering substantial financial support for
naming rights to the arena. He refused to give a figure, but such
arrangements generally involve several million dollars.
Alan B. Graf Jr., chief financial officer for FedEx, said the
company wants its name on a new Memphis arena and also perhaps on
the team's uniforms.
Graf and Glenn said FedEx believes an NBA team and new stadium
would help the company in recruiting new employees and bring in an
adequate return on its investment.
Hyde said a new arena would be built in the downtown area.
The city's current arena, The Pyramid, would be home for a team
until a new facility could be built, he said. Opened in 1991, it
seats about 20,000 for basketball.
The state issued $55 million in bonds for Nashville's new
Adelphia Coliseum, where the Titans play. The city came up with
more than $140 million, with the rest from private sources.
Tricon Global Restaurants, the parent of Kentucky Fried Chicken,
reportedly has offered Heisley $5 million a year for 20 years to
move the team to Louisville.
Louisville Mayor Dave Armstrong has said the city, state and
Tricon have come up with a financing plan for a new arena, expected
to cost about $200 million.
In Anaheim, meanwhile, representatives of Arrowhead Pond and the city were expected to make a more lucrative offer to Heisley on Wednesday.
"We're reviewing the numbers to see if there is any way to enhance that
proposal to make sure we're competitive ..." Anaheim city manager Jim
Ruth said Tuesday. "What we are trying to do is bridge what Mr. Heisley perceives as a gap between our competitors and our proposal."
Heisley was scheduled to meet with NBA commissioner David Stern
on Thursday.
Information from The Associated Press was used in this report. Send this story to a friend | Most sent stories
|
|
ALSO SEE
Vancouver group pleads to NBA: 'Save Our Grizzlies'
St. Louis out of running in Grizzlies sweepstakes
New Orleans to submit Grizzlies offer on Friday
|
