The University of Memphis has raised $23 million of the $50 million goal this year for renovations to Simmons Bank Liberty Stadium, interim athletic director Jeff Crane said Thursday.

Crane spoke at the Owner's Box Sports Bar & Grill in Lakeland, the third and final "Tigers on Tour" event of the summer. Just weeks after the university officially broke ground on the project, Crane said fundraising has gone well and officials need to raise about $2 million before they can start Phase 2 of the project later this year.

"We are right on track, just as expected," he said.

The $23 million is part of a challenge grant from FedEx founder Fred Smith and his family, who donated $50 million toward the project as part of a deal that included $120 million in state money that was formally allocated earlier this year. The grant called for the university to raise $50 million to meet the project's price tag of $220 million.

University officials have been making steady fundraising progress since. Then-athletic director Laird Veatch said in March that the university had raised about $17 million, and Crane said in early May that they'd crossed the $20 million threshold.

Phase 2 — which includes substantial renovations to the east side of the stadium — is expected to commence when the additional $2 million is raised. Phase 1 mostly includes moving materials from the east to the west side of the stadium and reconfiguring suites for a press box and a game operations area.

"If you were to drive by Simmons Bank Liberty Stadium today, you would see cranes," Crane said. "That work has started on the east side. But when you start to see something substantial, it'll likely be later this summer or early fall."

The university also has to finalize deals with the city and with the stadium's tenants. Part of the agreement struck between the city and the university includes the city transferring ownership of the stadium to the university, but that still has not been finalized.

While the Memphis Showboats — one of the stadium's tenants — won't play again until the spring, the Southern Heritage Classic (Sept. 14) and AutoZone Liberty Bowl (Dec. 27) are both slated to take place at the stadium later this year. The university, once it has ownership of the stadium, will be responsible for finalizing deals and laying out what the stadium capacity will be for each event.

"Those partners are aware of what we're doing, in terms of the seating that's available, etc.," Crane said. "I think that'll all start to crystalize, probably in the next 30 days. We'll have a lot more clarity in terms of exact timelines and those sorts of things."

Reach sports writer Jonah Dylan at jonah.dylan@commercialappeal.com or on X @thejonahdylan.

This article originally appeared on Memphis Commercial Appeal: Memphis AD: $23 million for Simmons Bank Liberty Stadium work raised