Penny Hardaway invests $2.6M of own money in Memphis basketball

Summarised from Daily Mail Sport's report · Updated 13 Oct, 02:38 · Archive

NBA legend Penny Hardaway has invested $2.6 million of his own money to pay Memphis basketball players via NIL deals.

NBA legend Penny Hardaway has revealed he invested $2.6 million of his own cash to pay his Memphis basketball players via NIL (name, image and likeness) deals. Speaking at AAC Media Day, the 55-year-old said he had $5 million available but needed to supplement it with his own funds to build a competitive roster.

Hardaway, a four-time NBA All-Star with the Orlando Magic in the 1990s, returned to Memphis as head coach in 2018. He led the Tigers to the NCAA Tournament three times, most recently in 2025 after winning the AAC Tournament, but they missed March Madness this year. Now entering his ninth season, Hardaway said the money situation has fundamentally changed college basketball recruitment. He noted that he had previously recruited two number-one recruiting classes in his first four years ahead of Duke, Kansas and Kentucky, but added: 'Now that the money value is there, it's a big difference.'

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• NBA legend Penny Hardaway makes remarkable admission that he has spent $2.6M of his own money building his college rosterPenny Hardaway is trying to turn Memphis into an NCAA Tournament contender again and is putting his money where his mouth is after missing out on March Madness last season.Daily Mail Sport · 12 Oct, 22:39

In this story: Penny Hardaway · Memphis · NCAA · Orlando Magic

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