Alan Crone chairs the Sports Authority. It is suspected that with the $230M from the state for FedEx Forum and the local funding streams below that the Sports Authority will administer $1.2 Billion in downtown centric construction funds over 25 yrs. The estimated cost of total construction alone has been reported to be is $550M. See below funding streams in addition to the $230M state grant for FedEx Forum.
Keep in mind the University of Alabama recently announced plans for their 1968 built arena that is roughly the same size as FedEx Forum for $59M. Local Memphis plans are more than 10x of UofA Coleman renovation. Also Wikipedia states that the 2023 cost to build a brand new FedEx Forum to be $403M. The Sports Authority appears to be gearing up for another massive overspend of taxpayer money in Downtown at the expense of a majority black Memphis Community in need.
SPORTS AUTHORITY BOARD MEMBERS
| FIRST | LAST | RACE | JURIS | PROFESSION | |
|---|---|---|---|---|---|
| 1 | Alan | Crone | White Male | City/County Chair | Corporate Attorney, Strckland Admin |
| 2 | Rodney | Douglas | Black Male | City | Pharma Rep |
| 3 | Charles | Ewing | Black Male | City | CEO MWBE |
| 4 | Christopher | Hearn | Black Male | City | CPA |
| 5 | Kenneth | Moody | Black Male | City | Public Administrator UofM, Former Strickland Admin |
| 6 | Kyle | Veazey | White Male | City | Corporate Communications, Former Strickland Admin |
| 7 | Julian | Bolton | Black Male | County | Attorney, Lobbbyist, Former Elected Official |
| 8 | Robert | Cox | Black Male | County | Corporate Attorney |
| 9 | Ashley | Graham | Black Female | County | Corporate Attorney - The Wendy's Company |
| 10 | Kristine | Roberts | White Female | County | Corporate Attorney - Baker, Donelson |
| 11 | Karl | Schledwitz | White Mate | County | Corporate CEO |
SPORTS AUTHORITY PROJECTED CASH FLOWS (2025-50)
Due to lacking public information, the following 25 yr. table was generated informed by MSCCA Summary Cash Flows with 2% per year escalators applied where appropriate, consistent with Sports Authority documentation. The shaded yellow columns are revenues traditionally dedicated to local government, especially when $230M has been granted by the state for an arena.
With that stated, I want to get this as accurate as possible. Please email me with any questions, concerns or suggested changes at jkent@pathtrek.net
| YEAR | State | NBA Tax | Seat Use | City/County Lease | Car Rental | MLGW PILOT | County H/M | City H/M | TOTAL | |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | 2025 | 230,000,000 | 8,032,382 | 1,201,492 | 3,900,000 | 3,164,357 | 2,500,000 | 9,450,000 | 6,869,509 | 265,117,740 |
| 2 | 2026 | 0 | 8,112,705 | 1,201,492 | 3,900,000 | 3,227,961 | 2,500,000 | 9,450,000 | 7,007,586 | 35,399,744 |
| 3 | 2027 | 0 | 8,193,832 | 1,201,492 | 3,900,000 | 3,292,844 | 2,500,000 | 9,450,000 | 7,148,439 | 35,686,607 |
| 4 | 2028 | 0 | 8,275,771 | 1,201,492 | 3,900,000 | 3,359,030 | 2,500,000 | 9,450,000 | 7,292,123 | 35,978,416 |
| 5 | 2029 | 0 | 8,441,286 | 1,201,492 | 3,900,000 | 3,359,030 | 2,500,000 | 9,450,000 | 7,437,965 | 36,289,774 |
| 6 | 2030 | 0 | 8,610,112 | 1,201,492 | 3,900,000 | 3,426,211 | 2,500,000 | 9,450,000 | 7,586,725 | 36,674,540 |
| 7 | 2031 | 0 | 8,782,314 | 1,201,492 | 0 | 3,494,735 | 2,500,000 | 11,400,000 | 7,738,459 | 35,117,000 |
| 8 | 2032 | 0 | 8,957,961 | 1,201,492 | 0 | 3,564,630 | 2,500,000 | 11,400,000 | 7,893,228 | 35,517,311 |
| 9 | 2033 | 0 | 9,137,120 | 1,201,492 | 0 | 3,635,922 | 2,500,000 | 11,400,000 | 8,051,093 | 35,925,627 |
| 10 | 2034 | 0 | 9,319,862 | 1,201,492 | 0 | 3,708,641 | 2,500,000 | 11,400,000 | 8,212,115 | 36,342,110 |
| 11 | 2035 | 0 | 9,506,260 | 1,201,492 | 0 | 3,782,813 | 2,500,000 | 11,400,000 | 8,376,357 | 36,766,922 |
| 12 | 2036 | 0 | 9,696,385 | 1,201,492 | 0 | 3,858,470 | 2,500,000 | 11,400,000 | 8,543,884 | 37,200,231 |
| 13 | 2037 | 0 | 9,890,312 | 1,201,492 | 0 | 3,935,639 | 2,500,000 | 11,400,000 | 8,714,762 | 37,642,205 |
| 14 | 2038 | 0 | 10,088,119 | 1,201,492 | 0 | 4,014,352 | 2,500,000 | 11,400,000 | 8,889,057 | 38,093,020 |
| 15 | 2039 | 0 | 10,289,881 | 1,201,492 | 0 | 4,094,639 | 2,500,000 | 11,400,000 | 9,066,838 | 38,552,850 |
| 16 | 2040 | 0 | 10,495,679 | 1,201,492 | 0 | 4,176,532 | 2,500,000 | 11,400,000 | 9,248,175 | 39,021,877 |
| 17 | 2041 | 0 | 10,705,592 | 1,201,492 | 0 | 4,260,062 | 2,500,000 | 11,400,000 | 9,433,139 | 39,500,285 |
| 18 | 2042 | 0 | 10,919,704 | 1,201,492 | 0 | 4,345,263 | 2,500,000 | 11,400,000 | 9,621,801 | 39,988,261 |
| 19 | 2043 | 0 | 11,138,098 | 1,201,492 | 0 | 4,432,169 | 2,500,000 | 11,400,000 | 9,814,237 | 40,485,996 |
| 20 | 2044 | 0 | 11,360,860 | 1,201,492 | 0 | 4,520,812 | 2,500,000 | 11,400,000 | 10,010,522 | 40,993,686 |
| 21 | 2045 | 0 | 11,588,077 | 1,201,492 | 0 | 4,611,228 | 2,500,000 | 11,400,000 | 10,210,733 | 41,511,530 |
| 22 | 2046 | 0 | 11,819,839 | 1,201,492 | 0 | 4,703,453 | 2,500,000 | 11,400,000 | 10,414,947 | 42,039,731 |
| 23 | 2047 | 0 | 12,056,236 | 1,201,492 | 0 | 4,797,522 | 2,500,000 | 11,400,000 | 10,623,246 | 42,578,496 |
| 24 | 2048 | 0 | 12,297,360 | 1,201,492 | 0 | 4,893,472 | 2,500,000 | 11,400,000 | 10,835,711 | 43,128,036 |
| 25 | 2049 | 0 | 12,543,308 | 1,201,492 | 0 | 4,991,342 | 2,500,000 | 11,400,000 | 11,052,425 | 43,688,567 |
| 26 | 2050 | 0 | 12,794,174 | 1,201,492 | 0 | 5,091,169 | 2,500,000 | 11,400,000 | 11,273,474 | 44,260,308 |
| 27 | TOTAL | 230,000,000 | 263,053,229 | 31,238,792 | 23,400,000 | 104,742,297 | 65,000,000 | 284,700,000 | 231,366,554 | 1,233,500,871 |
REFERENCES
Sports Authority
#1_MINUTES (04-02-2024)_FINAL.pdf
#3_12.31.2023 Memphis and Shelby County Sports Authority – Audited Financial Statements.pdf
#4_Investments Update – QPR 2Q24 MEMPHIS SHELBY COUNTY SPORTS AUTHORITY BOARD REPORT.pdf
#6_MSCSA_Summary Cashflows (thru 07-31-2024).pdf
State Law
TENNESSEE CODE UNANNOTATED CUI| PAW Document Page (lexis.com) 67-6-712
Press