In 2001, the city of Memphis looked to lure either the Grizzlies or the Charlotte Hornets to town. While the Pyramid was functional and profitable, it would have required retrofitting in order to be a viable long-term venue for an NBA franchise. A retrofit would also have required taking the arena offline for a year. As a result, the $250 million FedExForum was built as a condition of the Grizzlies move from Vancouver and opened in 2004. The city of Memphis did spend $7 million on renovations such as improved dressing rooms and new television camera platforms for the Grizzlies' three-year stay in the arena.