FedExForum is an arena located in downtown Memphis, Tennessee. It is the home of the Memphis Grizzlies of the NBA and the NCAA Division I men's basketball program of the University of Memphis, both of whom previously played home games at the Pyramid Arena. The arena officially opened in September 2004 after much debate and also a derecho wind storm on July 22, 2003 that nearly brought down the cranes that were building it near the famed Beale Street. It was built at a cost of $250 million and is owned by the City of Memphis; naming rights were purchased by one of Memphis' most well-known businesses, FedEx, for $92 million. FedExForum was financed using $250 million of public bonds, which were issued by the Memphis Public Building Authority (PBA). The venue also has the capability of hosting ice hockey games, concerts, and family shows.