Charles O. Finley had failed in running the Tams, and he let the league take the team from his reigns after two years.
The March 28, 1975 game saw 8,417 see a victory over the New York Nets 111–106, the largest crowd to see the Sounds in years.
The team improved by six games, and in part due to a weak division took the final playoff spot by 12 games over Virginia, the first time Memphis had made a playoff series since 1971.
Afterwards, the league gave Memphis until June 1, 1975, to sell 4,000 season tickets, find new investors, and secure a more favorable lease at the Mid-South Coliseum, but the deadline passed with failure.
Asterisk denotes playoff berth Eastern Division Semifinals