MEMPHIS, Tenn. (AP) — Memphis men's basketball coach Penny Hardaway says he's willing to pay up to $2.6 million this year toward the program's revenue-sharing total in order to field a competitive team.
The Commercial Appeal in Memphis, Tennessee, initially reported on Monday
that Hardaway had written a $2.6 million check that helped land Serbian big man Nemanja Popovic and Florida Atlantic transfer Maxim Logue.Ed Scott, the school's athletic director,
clarified on Tuesday during an interview with Gary Parrish of Grind City Media that Hardaway had not written a check, but that the athletic department had essentially loaned Hardaway $2.6 million because the coach said he could raise that money by the end of the fiscal year.
Scott said the Tigers' revenue-sharing budget for the upcoming season was $6.4 million, but that Hardaway wanted $9 million to build his roster. The two reached a compromise.
“That’s when Penny said, ‘Look, I think I can raise the $2.6 million,’" Scott said. “I said, ‘Listen, if you can raise the $2.6 million and have pledges that say it will be paid by the end of the fiscal year, we can front the money.’"
If Hardaway can't raise the $2.6 million by June 2027, Scott said the coach will cover the deficit. The Commercial Appeal reported that Hardaway's salary is $2.9 million per year.
Scott said if Hardaway has to contribute his own money to the university, it would not violate any rules from of the College Sports Commission and the U.S. House settlement.
“He’s willing to put up his own money," Scott said. "(But) that money he gives us will not go to the men’s basketball players, because they will have already been paid. We don’t need this money until the end of June. Those guys will be off these contracts by then.”
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