The FedExForun is owned by the City of Memphis and operated by Memphis Basketball, LLC.. The facility was built at a total cost of $250 million. Funding for the facility was provided through the sale of public bonds issued by the Memphis Public Building Authority (PBA). The round domed building was built on 14 acres of purchased land with the interior of the facility measuring 805,850 sq. ft. Seating capacity for basketball is 18,119 people, including 63 suites of various sizes and 80 club boxes. Prior to the facility's first event, Fed Ex purchased naming rights for $92.0 million under a 20-year agreement with the city. It is noteworthy that Fed Ex's home office is located right in the heart of Memphis.
Architectural services were provided by Ellerbe Becket out of Minneapolis, Minnesota. Engineering services were provided by ABS-EQE Structural Engineers while PC Sports handled project management overseeing the construction efforts of the project's general contractor M.A. Mortenson Company, also out of Minneapolis, Minnesota. Interior design efforts feature a tribute to the heritage of country music in Nashville. The site broke ground on June 20, 2002, taking just over two years to complete.
Aside from basketball games featuring the Grizzlies and Tigers, the facility has been used for a variety of other major sporting events through the years. On September 25, 2004, boxing fans witnessed the upset of Roy Jones Jr. at the hands of Glen Johnson for the IBF Light heavyweight title. The FedExForum has also become a regular destination for the Conference USA men's basketball tournament and the NCAA Men's Division I Basketball Tournament. The site was used to host the South Regional tournament in 2009 and again in 2013.