The University of Memphis is set to launch a fundraising campaign to complete the funding package for the $220m (£172.9m/€201m) reimagining of Simmons Bank Liberty Stadium after the allocation of state money was officially signed off, along with transfer of ownership of the venue.
Memphis City Council yesterday (Tuesday) finalised its approval of a resolution allocating and appropriating $120m in state grant funding to go towards renovations of Simmons Bank Liberty Stadium, the home of Memphis Tiger Football, as well as transfer ownership from the city to the University of Memphis Auxiliary Services Foundation.
In May 2022, the University and the City of Memphis announced plans to pursue a $150m to $200m renovation of the stadium, and in April last year the State of Tennessee approved a $350m contribution to stadium and arena projects in Memphis, including the Simmons Bank Liberty Stadium redevelopment.
Yesterday’s news was initially setup by a vote last month. Through allocation of the state grant funding and the ownership transfer, Memphis Athletics will immediately initiate a leadership fundraising campaign to match the $50m challenge gift made in November by FedEx founder and chairman Fred Smith, and his family.
The University said project partners MFA, Populous and Barton Malow, who have been involved in the project since its inception, are in the process of finalising the designs so the optimal construction timeline to coincide with the new funding formula can be determined.
University of Memphis vice-president and director of intercollegiate athletics, Laird Veatch, said: “We throw around the word ‘transformational’ a lot in this business, but this is truly a transformational moment.”
A renovation of Simmons Bank Liberty Stadium was announced after the University and the City of Memphis opted against developing a new home for the Tigers. The project includes a transformation of the stadium’s west side, a hospitality experience within the halo space surrounding the venue, fan experience improvements, and a potential renovation of the east side.
Veatch yesterday acknowledged that the University had initially hoped to start work on the renovations at the beginning of this year, but had to delay plans due to the questions over funding. The University is now hoping to raise its $50m by the end of 2024.
“We really are confident in both the capacity and the collective will of Tiger nation to make that happen,” Veatch said. “And it’s really important that we capitalise on our momentum right now, which we have a lot of.
“Not only the statement that we’re talking about today, but also coming off a 10-win football season, what our men’s basketball team is doing and the success of so many of our sports. And on top of that, it doesn’t hurt that we have really nice suites and club seats, loge boxes etc. to sell, which those top supporters will have first access to.”
While a construction timeline is yet to be officially announced, Veatch said the project is likely to be split into four phases. He added: “The first phase would be essentially moving the gameday components, call it the gameday operational components, like the coaches booths, media, operations as well as television from the west side to the east.
“That will really unlock our ability to start the west side, which will be the second phase of the project. And that will include, of course, all the premium suites and club seats, all the things we’re excited about but also really transform the look of the stadium.”
