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**talula** · 09-30-2006, 07:47 PM

Quote:

Chicago-based billionaire Michael Heisley has reached an agreement to sell the Memphis Grizzlies to a group led by former Duke player Brian Davis, according to an NBA source familiar with the deal, The Commercial Appeal learned Saturday.

The Davis-led partnership finally secured funding to purchase Heisley’s 70-percent majority share of the Griz after browsing most of this year.

The contract estimates the franchise value at about $350 million, according to the source.

In 2000, Heisley purchased the Vancouver Grizzlies for $160 million. He moved the team to Memphis a year later. NBA officials are expected to review the purchasing agreement this week. The deal is pending league approval.

Link

bbasok · 10-01-2006, 01:17 PM

so,will this affect our team?

**Dean the Master** · 10-01-2006, 06:40 PM

Article

Quote:

If he is successful in purchasing the majority share of the Grizzlies, Davis reportedly plans to eliminate team president Jerry West's position in a cost-cutting measure, according to the newspaper.

Jerry West is maybe on his way out.

**Cinco de Mayo** · 10-01-2006, 10:08 PM

Quote:

Originally Posted by bbasok

so,will this affect our team?

From what I was told, the minority ownership has 30 days to match the Davis offer. If they do not, then Davis' group becomes the majority ownership. And Jerry West will then, according to some articles, be let go. That could either be due to cutting costs or not thinking that Jerry has lived up to his pricetag. (Ex-NBA complete scrub Brian Davis may fire one of the greatest players to ever play. Crazy world.)

After that, they might - might - make any number of cost-cutting moves with the roster, but I don't see any reason to assume the worst just yet.

piri · 10-01-2006, 11:53 PM

The best way to obtain profits in an NBA team is winning, and I don't see how will cost cutting moves could help a team (except NY) to win. Unless you think that become the worst team ever in NBa by getting 12 players for the minimum is the right way to get profits

Kapitalistsvin · 10-02-2006, 06:00 AM

(Cost-)Cutting Jerry West sounds bad... he just made a minor overhaul and now they wanna fire the mastermind before it all has a chance to play out. Sounds bad...

**talula** · 10-02-2006, 09:54 AM

Heard on the radio today that there are three local investors in the Brian Davis ownership group. Good news.

And the group really wants to develop the downtown area.

I'm pleasantly surprised so far. But then again, I was probably expecting the worst.

**talula** · 10-02-2006, 10:46 AM

Quote:

An investment group that includes Christian Laettner and his former Duke teammate Brian Davis has reached an agreement to buy 70 percent of the Memphis Grizzlies.

Billionaire Michael Heisley announced Monday that he agreed to sell his majority share to the group.

Davis said at a news conference that the sale was worth about $360 million, and he and Laettner are putting a total of $40 million of their own money into the project. The remainder will come from investors he did not identify, but Davis said he has lined up the money for the purchase.

Davis said Laettner also will be talking to the Grizzlies about coming back to play. Laettner, a first-round pick of Minnesota in 1992, has not played in the NBA since the 2004-05 season with the Miami Heat.

Davis, who played in four Final Fours while at Duke from 1989-92, said he wants Jerry West and coach Mike Fratello to stay with the Grizzlies.

Entire Article

**UKfan4Life** · 10-02-2006, 11:56 AM

**** the Grizzlies if Christian Laettner has anything to do with this team.

Yeah, I said it.

bbasok · 10-02-2006, 01:40 PM

letting West go would be a complete disaster IMO

**Cinco de Mayo** · 10-05-2006, 01:35 AM

West will remain with team; team will remain in Memphis

Quote:

The prospective buyers of Michael Heisley's 70 percent majority stake in the Memphis Grizzlies said they intend to keep Jerry West as the team's general manager and want to invest in Downtown Memphis as well as the team.

The group of buyers, led by former NBA players Brian Davis and Christian Laettner, as well as unnamed private investors, are offering $360 million for Heisley's stake.

During a press conference Monday morning, Davis said the group has no intention of moving the team out of Memphis.

The deal is subject to approval by the NBA and the local ownership group of the team, which includes J.R. "Pitt" and Barbara Hyde, Staley and Andy Cates, Fred Jones, and Elliott Perry. The group has a contractual right to match the terms of the purchase agreement within 60 days.

Heisley purchased the team in April 2000 from John McCaw and moved it in 2001 to Memphis. Heisley said he would still own the team until the deal is approved by the league and the ownership group. Heisley insisted his reason for selling the team is not because of the team's financial losses, which are in the millions.

"I hope people don't think I'm getting out because I lost a lot of money. Nobody knows what I did or didn't lose," Heisley said. "When I first came here, I said I wasn't coming here to make money. I wanted to use the team as a vehicle for philanthropy."

Heisley said he is getting out because he has always thought the majority owner had to be locally based, something Davis has promised to be.

"I'm committed to the city and I'm prepared to move my family here," Davis said. "We have a lot that we want to do here."

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