Memphis Pyramid's Future Remains Cloudy

FEBRUARY 5, 2007 - Posted at 11:18 a.m. CST

MEMPHIS, TN - Thousands of people gathered at The Pyramid Saturday night in Memphis to join Bob Seger and the Silver Bullet Band in highlighting the closing of a building that's drawn more than ten million visitors.

After it opened in 1991, The Pyramid was the city's primary sports and entertainment venue until 2004, when the FedEx Forum opened off Beale Street.

It's hosted such stars as Michael Jordan, Prince, Mike Tyson and the Rolling Stones.

Now, there's talk of Bass Pro Shops turning The Pyramid into a 150,000-square-foot superstore.

The company announced its plans nearly a year ago, but progress toward a development agreement has been slow.

However, city chief financial officer Robert Lipscomb says he has an agreement in principle and is very close to a binding contract with Bass Pro Shops to redevelop The Pyramid.

The company has said little about its plans since the announcement, but its president Jim Hagale was expected to attend Saturday night's concert in Mayor Willie Herenton's Pyramid suite.

(The Associated Press contributed to this report.)