Grizzlies to stay in Memphis through 2029 under new agreement with county

MEMPHIS, Tenn. — The Memphis Grizzlies have reached an agreement with Shelby County leaders to keep the basketball team in Memphis through 2029.

Officials with the Shelby County Commission discussed the agreement during a meeting Monday night.

The agreement would require annual payments to the Grizzlies for the duration of the lease.

Commissioners unanimously approved the agreement, records show.

The county’s payment for fiscal year 2023, which begins in July, will be nearly $2 million.

Under the existing lease, the city and county would have to buy tens of millions of dollars worth of tickets or suites.

The City Council does not have to vote on the agreement, but it still has to be approved by the NBA.

The city and county will pay the Grizzlies $4.95 million a year for four seasons; after that, the Grizzlies will receive $6.3 million for the four seasons after that, ending in 2029, according to the Commission.

The agreement does not address what could happen when the lease expires in 2029.