12-06-2006, 01:21 PM
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#2 (permalink)
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3 + 2 = 5
Join Date: Aug 2002
Age: 25
Posts: 21,957
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Re: NBA: Not enough information provided for Grizzlies sale
Grizzlies sale on hold, has yet to meet league's standards
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MEMPHIS, Tenn. -- NBA officials are not considering a sale of the Memphis Grizzlies, because the proposed buyers have not provided enough information on where the money would come from.
Former NBA player Brian Davis leads an investment group that wants to buy a majority stake in the Grizzlies. He has declined to name the investors or discuss financing.
The sale must be approved by the NBA, and league president Joel Litvin said in a statement Tuesday the NBA hasn't received all the information requested from Davis and can't continue to review the purchase.
"Among other things, and despite numerous requests from the NBA, we have not been provided with important information about other potential investors, including the sources and amounts of funding that they would supply," according to Litvin's statement.
"In addition, based on the limited information that we have received, it appears that certain elements of the transaction would not comply with NBA rules. As a result, and contrary to their public statements, the NBA is not taking any action at this point with respect to the proposed transaction."
Davis leads an investment group that includes former NBA player Christian Laettner, who along with Davis was co-captain of Duke's championship team in the early 1990s.
In a statement issued Tuesday night, Davis apologized for implying the entire proposal had been submitted to the league.
"We are working to finalize our submission and apologize for any confusion these comments may have caused," Davis said.
Davis has said he plans to invest $40 million to $55 million personally to become controlling partner of the team, and that he and Laettner would have two to five partners.
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