Memphis Tigers head basketball coach Penny Hardaway has contributed $2.6 million of his own salary to the program’s revenue share fund, he told the Memphis Commercial Appeal at American Conference media day.
Hardaway, who is paid $2.9 million this season, said the contribution pushes Memphis’ total revenue share to $9 million. He said the move was his own decision, not a request from the university.
“They were saying if you want more money you have to put your money in. So I did,” Hardaway told the Commercial Appeal.
The investment comes as Hardaway enters his ninth season leading the program and works to rebuild a roster that went 13-19 last season, the worst record of his tenure. Memphis has added nine newcomers through the transfer portal for 2026, led by forward Rihards Vavers from Washington State and point guard Brandin Cummings from Pitt. The Tigers are also hoping Nemanja Popovic, who played professionally in Poland last season, joins the roster.
Memphis is looking to return to the NCAA Tournament and to notch just its second tournament win under Hardaway. The program made deep runs in 2021, winning the NIT, and in 2022, advancing to the Round of 32 of the NCAA Tournament, but has not built on that momentum since.
Hardaway is under contract through April 2028, and the Commercial Appeal reported his job is considered secure beyond this season. Still, Hardaway, a Memphis native and former Tigers star, acknowledged the pressure building around the program.
“I didn’t want to fail two years in a row, because I already know what that means for me,” Hardaway said.
