The other was when the then all-white Mississippi state legislature forbade the team to participate in the racially integrated NCAA Tournament.

McCarthy took the team out-of-state in the dead of night and had them participate anyway, which gave him a near-legend status in the eyes of some (and the undying hatred of others).

Finally in February, a community group called Memphis Area Sports Inc. bought the team for $700,000, saving the franchise entirely.

The Pros traded Larry Cannon to the Indiana Pacers in the mid-season period for Don Sidle, and executed another midseason trade which sent Wendell Ladner, Tom Owens, and Bobby Warren to the Carolina Cougars for Randy Denton, Warren Davis, and George Lehmann.

Despite (or perhaps because of) all the personnel moves, the team finished with only 26 wins against 58 losses, which put them in fifth (last) place in the Western Division, 34 games behind the Utah Stars, and kept them out of the playoffs this season.

On June 13, 1972, the team and its debts were purchased by Charles O. Finley, who also owned Major League Baseball's Oakland A's and the NHL's California Golden Seals.

Legendary former University of Kentucky head coach Adolph Rupp became team president during this period of time.

George Thompson played in the ABA All Star game but the Tams finished the season with only 24 wins compared to 60 losses.

Finally, two days before the team's first preseason game, Butch van Breda Kolff was hired as general manager and head coach.

George Thompson played in the ABA All Star game but the team had another poor season, finishing with 21 wins and 63 losses—the worst record in all of pro basketball.

ABA Commissioner Mike Storen resigned his position with the league to take over the operation and run the team in Memphis.

Storen lined up several notable local figures as co-owners of the new team, including funk and soul musician Isaac Hayes and Holiday Inn founder Kemmons Wilson.

Storen named the new team the Memphis Sounds and developed a new red and white color scheme and logo, a move that had been met with positive reception for both the ABA and the fans of the franchise alike.

Storen cleared out the former Tams roster and brought in veteran players such as Mel Daniels, Freddie Lewis, Roger Brown, Chuck Williams, Collis Jones, George Carter, Rick Mount and Julius Keye.

[1] The Sounds, coached by Joe Mullaney, finished the 1974–75 season with a record of 27–57, which was good for fourth place in the Eastern Division and a spot in the 1975 ABA Playoffs due to the Virginia Squires having a faultier operation by this time by comparison.

Although the 1974–75 season saw the highest attendance figures during the team's stay in Memphis, both Wilson and Hayes were having financial troubles that required them to sell their shares.

However, the team had serious financial problems under the new owners and collapsed before the season started, playing only three exhibition games (all of which ended in defeat) in its brief history.

During the 2015 season, the Grizzlies wore Hardwood Classics throwback uniforms honoring the heritage of the Memphis Sounds for select games.

The Hardwood Classics uniforms debuted on November 16, 2015, during the Grizzlies' home game vs. the Oklahoma City Thunder.