Now here’s a new one: A Tennessee state report has revealed that the city of Memphis accidentally gave a $20 million parking garage to the Grizzlies during construction of the publicly funded FedEx Forum in 2004. The garage, which was supposed to be used for free parking for commuters transferring to buses, thus reducing downtown traffic, is instead being run privately by the Grizzlies – at an estimated profit last year of $2.8 million.
Memphis officials have agreed to give up $6.3 million in other state funds as punishment for their misdeeds. The Grizzlies will forfeit their first-round pick in the upcoming NBA draft – no, just kidding. The Grizzlies get to keep the garage and all the revenues from it, apparently under the legal principle of no backsies.