FedExForum officially opened in September 2004 after much debate and also a derecho windstorm on July 22nd, 2003, that nearly brought down the cranes that were building it. The stadium was built at a cost of US$250 million and is owned by the City of Memphis; naming rights were purchased by one of Memphis’s best-known businesses, FedEx, for $92 million.
Designed by architectural firm Ellerbe Becket, the arena is 805,850 ft² (75,000 m²) in size, covering 14 acres (57,000 m²). The playing floor is lower than ground level and the stadium is capable of seating 17,794 for basketball and has 1,000 premiere courtside seats.