On June 13, 1972, the team was purchased by Charles O. Finley, who also owned Major League Baseball’s Oakland A’s and the NHL’s California Golden Seals. Finley also took over the team’s debts. Legendary former University of Kentucky head coach Adolph Rupp became team president. The winning entry in a “Rename the Team” contest was the Memphis Tams, perhaps one of the few entries that could be said to have been even less likely than “Pros.” The nickname was an acronym for Tennessee – Arkansas – Mississippi, and the logo was a tam o’shanter-style hat in white, green and gold, which were also the new team colors, shared with the Athletics and Golden Seals.

The Tams continued to be a mess, as Charles Finley began trying to sell the team, as he once again looked to move them this time to Rhode Island. However, Finley would be unable to load the Tams, who had a new coach in Butch van Breda Kolff. On the court they continued to struggle, as a frustrated van Breda Kolff who was unable to contact Finley, claimed the Tams could be a solid team if they ever had solid backing from ownership. Fan support would collapse, as the team continued cost cutting moves as programs were replaced by typed mimeographed lineup sheets. Once again the Tams would finish dead last with a horrible record of 21-63.