Memphis Tigers men's basketball coach Anfernee 'Penny' Hardaway will return to the team next season, sources with knowledge of the situation confirmed to ESPN on Monday (March 16).

Hardaway, 54, a four-time NBA All-Star, reportedly presented a plan for the 2026-27 season, which will be his ninth with his alma mater, and promised changes to his coaching staff, including hiring a general manager, during multiple meetings with the school's administration. The former point guard vowed to improve the program following a 13-19 season, which included losing seven consecutive games before a regular-season finale win against Tulane.

The Tigers then lost to the Green Wave in the first-round of the American Conference Tournament, marking the first time they lost in the opening round since 2000, the team's final year under former head coach Johnny Jones prior to the hiring of John Calipari. Hardaway had previously never had a losing season during his eight seasons at Memphis, going 175-87 during his head coaching tenure, but has only won one NCAA Tournament game in three appearances.

Hardaway has two years remaining on his contract, which will run through April 2028 and an estimated $6 million buyout if he's fired.

"It was a failure for sure," Hardaway said after the season via ESPN. "You can't categorize it anywhere else, any other way. We didn't do what we needed to do. We failed.

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