MEMPHIS, Tenn. -- Memphis men's basketball coach Penny Hardaway says he's willing to pay up to $2.6 million this year toward the program's revenue-sharing total to field a competitive team.
The Commercial Appeal in Memphis initially reported Monday that Hardaway had written a $2.6 million check that helped land Serbian big man Nemanja Popovic and Florida Atlantic transfer Maxim Logue.
"They didn't ask me to do it," Hardaway told the Commercial Appeal. "They were saying if you want more money, you have to put your money in. So, I did."
Memphis athletic director Ed Scott told Grind City Media on Tuesday that Hardaway had not written a check, but that the athletic department had essentially loaned Hardaway $2.6 million because the coach said he could raise that money by the end of the fiscal year.
Scott said the Tigers' revenue-sharing budget for the upcoming season was $6.4 million, but that Hardaway wanted $9 million to build his roster. The two reached a compromise.
"That's when Penny said, 'Look, I think I can raise the $2.6 million,'" Scott said. "I said, 'Listen, if you can raise the $2.6 million and have pledges that say it will be paid by the end of the fiscal year, we can front the money.'"
If Hardaway can't raise the $2.6 million by June 2027, Scott said the coach will cover the deficit. The Commercial Appeal reported that Hardaway's salary is $2.9 million per year.
"Penny's response to me was, 'I will put up my own money for whatever I can't raise,'" Scott told Grind City Media. "That part is true. He's willing to put up his own money. My hope is that he's got to put up zero dollars."
Scott said if Hardaway has to contribute his own money to the university, it would not violate any rules from of the College Sports Commission and the U.S. House settlement.
"Memphis is not creating violations. Penny did not commit a violation," Scott told Grind City Media. "We're not doing that.
"He's willing to put up his own money. That money he gives us will not go to the men's basketball players, because they will have already been paid. We don't need this money until the end of June. Those guys will be off these contracts by then."
The Associated Press contributed to this report.