Memphis men’s basketball coach Penny Hardaway said he personally pledged up to $2.6 million to help improve the team’s roster this season, though the university has not received any such funds. In an exclusive interview with the Memphis Commercial Appeal on October 12, Hardaway revealed he wrote a check for that amount to support recruiting efforts, including landing Serbian center Nemanja Popović and Florida Atlantic transfer Maxim Logue.
Memphis athletic director Ed Scott quickly clarified the situation, telling journalist Gary Parrish on Grind City Media that the school had not accepted any money from Hardaway, nor passed any funds to players. Scott said such an arrangement would violate the College Sports Commission and the House settlement, adding, “We don’t operate that way.”
The Tigers are entering the 2026-27 season under pressure after finishing 13-19 last year — their first losing record since 1999-2000 and the first time missing 20 wins since 2016-17. Hardaway, now in his ninth season as head coach, had requested $9 million to build a team capable of reaching the NCAA Sweet 16. Scott said the athletic department could only commit $6.4 million without running a deficit, an increase of $1.4 million from the previous year.
Scott described a compromise where Hardaway offered to raise the remaining $2.6 million through fundraising, promising to cover any shortfall himself. The Tigers are funding the full $9 million this season without Hardaway’s contributions, Scott said. Any personal funds pledged by Hardaway would be used after the fiscal year, and would not go to players on the current roster, as their NIL contracts expire by then.
Hardaway’s motivation to invest personally grew after losing out on Oklahoma State transfer Andrija Vuković to George Washington. “That was hurtful,” Hardaway said. He added that if he had the full $9 million budget at the start of the offseason, he would have pursued top-tier portal players more aggressively and built the roster differently.
The Tigers brought in a nine-player transfer class this offseason, ranked 50th nationally by 247 Sports. Despite last season’s struggles, Hardaway’s record at Memphis stands at 175-87 with three NCAA tournament appearances, including a No. 5 seed in 2025.
Hardaway, a Memphis basketball legend and former NBA All-Star, earned $120.5 million over 14 years in the league, according to Spotrac. He also gained attention for his Nike endorsements in the 1990s, featuring his alter ego Lil’ Penny.
The situation surrounding Hardaway’s pledged funds remains unclear. The university has not received any payments, and the athletic department maintains strict adherence to NCAA and settlement rules. Meanwhile, Hardaway continues preparations to improve the Tigers’ fortunes this season.
According to Yahoo Sports.
