Memphis coach Penny Hardaway willing to spend up to $2.6 million of his own money to pay for roster

Memphis men's basketball coach Penny Hardaway has expressed his willingness to spend up to $2.6 million of his own money to bolster the team's roster. This financial commitment is primarily aimed at securing a competitive squad for the upcoming season.

Initially, The Commercial Appeal had reported that Hardaway had written a check of $2.6 million to secure Serbian big man Nemanja Popovic and Florida Atlantic transfer Maxim Logue. However, Athletic Director Ed Scott later clarified that the athletic department had effectively loaned Hardaway the sum, rather than him having personally written a check.

The Tigers' revenue-sharing budget for the 2027-2028 season stands at $6.4 million, yet Hardaway is aiming for $9 million to significantly expand his roster. Both parties agreed upon a middle ground - Hardaway's $2.6 million contribution was feasible if it was pledged to be paid off by the end of the fiscal year.

Scott added that as long as Hardaway manages to raise the $2.6 million by June 2027, the financial transaction would comply with rules set by the College Sports Commission and the U.S. House settlement. Importantly, the money Hardaway provides will not directly impact the players' salaries, as they are already contractually obligated. The funds will be utilized post-June 2027, when the current players will have left their contracts.