Memphis coach Penny Hardaway says he paid $2.6 million of his own money to Tigers’ revenue share
It is no secret that this upcoming college basketball season is a make-or-break year for Penny Hardaway and the Memphis Tigers, and the head coach is doing everything he can to make it a successful campaign, including putting nearly his entire annual salary back into the team’s roster budget.
Hardaway, entering year nine as the Tigers’ head coach, revealed to the Memphis Commercial Appeal during American Conference media day that he is contributing $2.6 million of his own money into Memphis’ revenue share. His salary this season is $2.9 million, and the contribution brings the team’s revenue share to $9 million, according to the outlet.
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“They were saying if you want more money you have to put your money in. So I did,” Hardaway told the Commercial Appeal, while also clarifying that the university did not ask him to make the contribution.
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Head coach Penny Hardaway of the Memphis Tigers reacts during the game against the Arkansas State Red Wolves at FedExForum on December 08, 2024 in Memphis, Tennessee. (Photo by Justin Ford/Getty Images) (Justin Ford/Getty Images)
Hardaway’s contribution back into his program comes as the Tigers are welcoming nine newcomers via the transfer portal in 2026, with the group being headlined by forward Rihards Vavers from Washington State and point guard Brandin Cummings out of Pitt. Memphis is also hopeful Nemanja Popovic, who played professionally in Poland a season ago, takes the floor for the program this season.
The Tigers are coming off a 13-19 season, their worst record since Hardaway’s arrival in 2018, and are not only looking to return to the NCAA Tournament this season, but also pick up a win during March Madness for just the second time under Hardaway.
Head coach Penny Hardaway of the Memphis Tigers looks to the bench in the second half of the game against the UNLV Rebels at the Thomas & Mack Center on November 09, 2024 in Las Vegas, Nevada. Tigers defeated the Rebels 80-74. (Photo by Candice Ward/Getty Images) (Candice Ward/Getty Images)
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With Memphis being a city that eats and breathes the game of basketball and consistently produces top-tier talent, the Tigers should be a dominant force in what is now a well-below-average American Conference.
The Tigers seemed to be building something special in 2021 by winning the NIT and then advancing to the Round of 32 during the 2022 NCAA Tournament, but simply have not managed to take a step forward over the course of the last few seasons.
Memphis Tigers head coach Penny Hardaway calls a play during a college basketball game between Memphis Tigers and the North Texas Mean Green on February 15, 2024 at The Super Pit in Denton, TX. (Photo by Chris Leduc/Icon Sportswire via Getty Images) (Chris Leduc/Icon Sportswire via Getty Images)
Hardaway is under contract until April 2028, and while the paper indicates that his job is secure beyond this season, he’s well aware of what is at stake.
“I didn’t want to fail two years in a row, because I already know what that means for me,” Hardaway shared with the Commercial Appeal.
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With Hardaway being a Memphis native and a Tiger legend himself, it has felt like he’s been given the benefit of the doubt when other coaches in his situation would not have been, but another season without an NCAA Tournament berth could be the end of his run in the 901.
