In 2001, the Grizzlies relocated from Vancouver to Memphis. The transaction involved the city, Shelby County and NBA franchise signing a contract for the construction of a city-owned arena that would become the FedExForum. The arena seats more than 18,100 for basketball games, more than 16,100 for hockey games and around 19,000 for concerts. The contract contained a non-competition covenant. The covenant expressed that neither the city nor the county could “provide economic or tax benefits or incentives to, or materially participate in the design, development, construction or financing of any new competing facility” without the team’s blessing.