City council approves transfer of Simmons Bank Liberty Stadium to UofM
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MEMPHIS, Tenn. (WMC) – Memphis City Council officially approved to transfer control of Simmons Bank Liberty Stadium to the University of Memphis.
The approval also officially earmarks $120 million in State grant funding to go toward renovations of the stadium.
“We could not be more thrilled that the Simmons Bank Liberty Stadium ownership transfer and allocation of State funding for renovations have been approved,” University of Memphis Vice President and Director of Intercollegiate Athletics Laird Veatch said. “Many people have been involved in helping get this process to the finish line. We are tremendously appreciative of the Fred Smith Family, the City of Memphis administration, the Memphis City Council, Fred Jones and Steve Ehrhart for working together to help develop a pathway to help our University and City ascend.”
In addition, the Frederick W. Smith Family, headed by the founder and executive chairman of FedEx, will donate $50 million to the university toward renovations to the stadium.
It’s the largest gift in university history.
The university is going to initiate a “leadership fundraising campaign” to match the $50 million.
The project to renovate Simmons Bank Liberty Stadium will total $220 million.
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