- Associated Press - Tuesday, October 18, 2011

MEMPHIS, TENN. (AP) - The Memphis City Council is asking its attorney to explore options for recovery of revenue lost during the NBA lockout.

A resolution adopted Tuesday says that the cancellation of the NBA season’s first two weeks has caused the city to lose revenues that are used to pay the debt service on bonds issued by the city’s sports authority to build the FedExForum. And public revenues may have to be used to cover the shortfall.

The bonds are paid with revenue streams related to the NBA, including tickets and concessions to Memphis Grizzlies games.

The Commercial Appeal has reported that, with the revenue loss associated with a season-long lockout, projections show the current surplus fund of $10.8 million would be gone in time for the senior bonds’ Nov. 1, 2022, payment.

Copyright © 2018 The Washington Times, LLC.

The Washington Times Comment Policy

The Washington Times welcomes your comments on Spot.im, our third-party provider. Please read our Comment Policy before commenting.


Click to Read More and View Comments

Click to Hide