Pyramid Survives Close Vote to Shut Down Arena

JUNE 2, 2004 - Posted at 12:02 a.m. CDT

MEMPHIS, TN - The Memphis City Council has voted to keep The Pyramid open, but only by the slimmest of margins.

The issue came up as the Council struggled with final budget cuts yesterday.

After hearing that it would cost less than $500,000 a year to maintain the performance venue if it were closed, compared with three times that in projected losses for the next year if kept open, the Council voted on a motion to shut it down.

The issue failed on a tied vote.

The building is owned by the city and Shelby County.

A task force looking for new uses for The Pyramid began meeting last week.

The NBA Memphis Grizzlies will move into the new FedEx Forum next season.

(Copyright 2004 by The Associated Press.  All Rights Reserved.)