You remember the rejoicing, don’t you?

It was this past April. The state voted to send $350 million to Memphis to upgrade its stadiums — and agreed to extend two other funding mechanisms that could boost the total available funding to more than $600 million.

For more than $600 million the city could rebuild FedExForum and extend the Grizzlies lease for another 25 years! It could totally remake Simmons Bank Liberty Stadium! It could fund necessary improvements to AutoZone Park! And, heck, it could build a new soccer stadium!

Memphis got money for stadiums three months ago. Where do the deals stand?

“Over the next few years, our sports venues will be dramatically improved and will hopefully be the catalyst needed to help the University (of Memphis) move into a Power Five conference,” said Memphis Mayor Jim Strickland, who worked hard to secure the deal.

Yes, there was great rejoicing. All that remained was to divide up the cash.

Then time passed.

Then more time passed.

And now, according to my colleague Sam Hardiman, “back-of-the-napkin math would cast doubt at whether there is enough money in the city’s funding package for both of Simmons Bank Liberty Stadium and FedExForum renovations.”

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It turns out dividing up the cash is hard.

Of course, it was always going to be hard, despite the April giddiness. That’s how dividing up cash usually works.

So it isn’t exactly alarming that the issue hasn’t been settled. But is it worrisome?

Yes, it is.

Hardiman reported that Strickland traveled to Indianapolis in June to look at Gainbridge Fieldhouse — the arena that served as the model for FedExForum way back when.

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Gainbridge Fieldhouse was renovated in 2019 at a cost to taxpayers of at least $412 million. But construction costs have exploded since then. So is it unreasonable to guess that the Grizzlies are seeking between $450 to $500 million for FedExForum? If so, where is the city going to find the $150 to $200 million that it hopes to spend on Simmons Bank Liberty Stadium? Much less another $50 million for a soccer stadium and another $20 million to spruce up AutoZone Park?

The Grizzlies haven’t made any public statements about this, mind you. All parties have been commendably quiet about the ongoing negotiations. No reason to get Memphians all worked up.

But it’s an awkward position for the franchise to be in, to be pitted against everyone else. The Tennessee Titans were given more than $1 billion for a new domed stadium. The Grizzlies were thrust into an arm-wrestling contest.

Every dollar that goes into FedExForum can’t go into Simmons Bank Liberty Stadium. Every dollar that goes into Simmons Bank Liberty Stadium can’t go into FedExForum.

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As for that soccer stadium?

It’s hard to imagine there will be money left over for that.

To which some might suggest: Let Grizzlies owner Robert Pera make up the difference. That dude is rich.

Which is true, by the way. Forbes recently listed Pera as the 11th richest owner in pro sports — and the third-richest owner in the NBA — with a net worth of $15.5 billion.

So I’d be entirely supportive if the ownership group (it’s not just Pera) were to kick in some cash to make all this happen. It would seem like a decent thing to do. But I also know this: Pera is sacrificing millions every year he keeps the team in a small market like Memphis. He might well be able to double the value of the Grizzlies if he decided to move them to a bigger city when the lease is up in 2029.

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Has Pera ever threatened that?

No.

Indeed, instead of exercising his rights under an early termination clause that presented itself not long ago, Pera quietly renegotiated that section of the lease to make the issue go away.

But the reality is the reality. And the reality is that the Grizzlies have to be the priority here. It’s not just the most important franchise in the city — it’s the only one that can leave.

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So let us hope that the current negotiations take a turn for the fruitful. Let us hope that the city finds enough cash for the FedExForum and the football stadium, both.

There is still a path to further rejoicing, of course.

But it starts with the Grizzlies and a new 25-year lease.