Sports · Basketball · 4 hrs ago
Penny Hardaway says he invested $2.6 million in Memphis roster
Penny Hardaway, a former NBA star, is entering his ninth season as head coach of the Memphis Tigers.
He said he spent $2.6 million of his own money to help pay players through the team's NIL fund.
NIL arrangements allow college athletes to receive money connected to their name, image and likeness.
Hardaway said the fund now has $9 million and that the school did not ask him to contribute.
Memphis went 13-19 last season and missed the NCAA Tournament.
Hardaway said he wants to build a roster capable of competing for a conference title and reaching the Sweet 16.
The Tigers have added 13 newcomers, including nine transfers, and were picked to finish second in the American Conference preseason poll.
Penny Hardaway said he invested $2.6 million of his own money in Memphis basketball players through NIL.
He said the investment helped bring the team’s NIL collective to $9 million.
Hardaway said Memphis did not ask him to contribute the money.
The Tigers finished last season 13-19 and missed the NCAA Tournament.
Hardaway said he wants to build a roster capable of reaching the Sweet 16.
- Who
- Penny Hardaway, Memphis head coach, said he invested the money.
- What
- He said he put $2.6 million of his own money toward building the roster through NIL.
- When
- He disclosed the investment at AAC Media Day; the article was published on October 12, 2026.
- Where
- Memphis, Tennessee.
- Why
- Hardaway said he wanted to build a competitive roster and avoid missing the NCAA Tournament for a second year in a row.
This story does not have two clearly opposing sides.
Hardaway returned to his alma mater as Memphis head coach.
Memphis finished 13-19, went 8-10 in the AAC and missed the NCAA Tournament.
Hardaway said he had invested $2.6 million of his own money in the roster.
- Personal investment
- $2.6 million
- NIL collective
- $9 million
- Last season record
- 13-19
- AAC record
- 8-10
- Coaching tenure
- Ninth season as Memphis head coach
What people are saying
We had $5 million, and then I had to put $2.6 million of my own money in to try and build the roster up.
They didn't ask me to do it, they were saying if you want more money, you have to put your money in. So I did
I didn't want to fail two years in a row, because I already know what that means for me.
Sources
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