Sources: Deal for Grizzlies reached - Basketball Forum : Professional and College Basketball Forums

**Knicks4life** · 06-11-2012, 12:18 PM

Quote:

After two consecutive trips to the playoffs and a return to respectability in the Western Conference, Michael Heisley has found a buyer to purchase the Memphis Grizzlies, according to sources with knowledge of the owner's plans.

Sources told ESPN.com that Heisley has an agreement in principle to sell the team to communications technology magnate Robert Pera, who at 34 has a spot on Forbes' list of the 10 youngest billionaries in the world.

The purchase price is in the $350 million range, sources said. A formal announcement to publicize the agreement between the parties is expected this week, possibly as soon as later Monday, with NBA Board of Governors approval then required before Pera can be officially installed as successor to Heisley, who recently turned 75.

Sources say that Pera intends to keep the team in Memphis. The Grizzlies' lease at the FedExForum, furthermore, ties the team to the city until the year 2021, with steep financial penalties attached to breaking that lease.

In 2006, Heisley agreed to sell his 70 percent controlling stake in the Grizzlies for a reported $360 million to a consortium headlined by Christian Laettner and fellow Duke alumnus Brian Davis. That deal infamously collapsed and was followed by the controversial trade of Pau Gasol to the Lakers in February 2007. That move initially earned Heisley widespread criticism before the Grizzlies' recent turnaround. But Pera is known as a basketball fanatic in business circles and is an unquestionably more serious bidder given his financial portfolio.

The 34-year-old Northern California native is a former engineer at Apple who left the computer giant at 25 to start his own company. Today Pera owns a reported 64 percent of the Ubiquiti Networks he founded and operates the company out of Taiwan as well as San Jose. Pera speaks Chinese and Japanese and is said to play basketball four to five times per week.

Sources told ESPN.com that Pera was spotted at a Grizzlies game in March touring the team's facilities and operations and Heisley acknowledged to the Memphis Commercial Appeal in March that there was another unnamed bidder for the team along with California billionaire Larry Ellison. Heisley was quoted as saying that he halted negotiations with Ellison because the deep-pocketed Oracle founder wanted to relocate the franchise.

"We're not even considering Ellison," Heisley told the newspaper. "This team cannot be moved."

Heisley has maintained for years that -- even though he never took the Grizzlies off the market -- he hasn't been actively shopping the team. The Grizzlies were widely bashed for the Gasol deal that ultimately helped the Los Angeles Lakers win championships in 2009 and 2010, but Heisley has hushed some of the criticism during the past two seasons by signing Zach Randolph, Rudy Gay and Marc Gasol to lucrative contracts amid longstanding skepticism about his willingness to spend.

The Grizzlies suffered a disappointing first-round exit this season after blowing a 24-point lead in the fourth quarter against the Los Angeles Clippers in Game 1 and then losing Game 7. But in 2011, after the first-round upset of 61-win San Antonio, Heisley told ESPN.com: "I think, quite frankly, that we're poised to be a real factor in this league going forward."

After this season's early exit, Heisley described the Grizzlies' achievements as "miraculous" given the loss of key reserve Darrell Arthur to a torn Achilles tendon during training camp and Randolph's 37-game absence because of a torn MCL in his right knee.

The Chicago-based Heisley bought the Grizzlies in 2000 when they were located in Vancouver and moved the franchise to Memphis starting with the 2001-02 season.

http://espn.go.com/nba/story/_/id/80...phis-grizzlies

**RollWithEm** · 06-11-2012, 12:25 PM

This is actually really good news. I like energetic, young owners who come in with some movable pieces already in place.

**Bogg** · 06-11-2012, 02:56 PM

I assume this will be the end of the Gay-to-Charlotte rumors. The last thing a rich new owner is going to want to do is trade the leading scorer on a playoff team to save money.

**Diable** · 06-11-2012, 03:55 PM

Gay is going to get traded if they find someone to take his contract. He's the third best player on that team if Zach is healthy and he doesn't make good decisions when you need him to.

**Bogg** · 06-11-2012, 04:01 PM

Eh, guy just turned 25 and gets you 20 points a game with decent efficiency. It's tough to find a trade for him that makes you a better team, and like I said, the new owner isn't going to want his first move to be trading a major piece and taking a step backward to save money.

**Diable** · 06-11-2012, 04:25 PM

especially when the 20 points on decent efficency comes with a superstar albatross of a contract

**Bogg** · 06-11-2012, 04:34 PM

$50 million over three years for an almost-elite wing scorer entering his prime(he'll have just turned 28 when the contract is up) isn't a cap-crippling albatross, it's just more than you'd want to be paying him. The Grizzlies aren't better than OKC, but with the Lakers, Spurs, and Mavs on the downslide it's their time right now to be in that second tier out West and maybe try to pull off a shocker in the playoffs. If you can't make the team better by trading Gay, you're better off trying to save money with a Mike Conley deal than flipping out your leading scorer for a hustle rookie.

JonMatrix · 06-11-2012, 07:21 PM

If they trade Rudy, then Mike Conley is their only perimeter scorer. It might have worked for a few games last year, but that won't work over the course of an entire season. Gotta have an outside threat to help Z-Bo and Gasol.

They'll never get anyone close to Rudy's talent level back in a trade.

Is there a wing in this year's draft that will end up better than Rudy? Beal is a possibility, but he's a 2 not a 3. Harrison Barnes? MKG seems like his ceiling is more of a jack of all trades player than a top wing scorer. He might end up a similar player to what Rudy is now, but not right way. Not good enough for a team that has to try and win now.

**Knicks4life** · 06-18-2012, 07:58 AM

Quote:

The Memphis Grizzlies’ sale to Robert J. Pera, announced this past week, is already in serious trouble, according to league sources. Pera owns Ubiquiti Networks, a Silicon Valley communications technology company. When its stock bottomed out in the last two weeks, his net worth plummeted from $1 billion to $200 million, according to league insiders who say that unless he has some wealthy partners lined up to help him finance the sale, it will likely fall through. In that case, the Grizzlies will continue to be owned by Michael Heisley. Pera agreed to buy the team for $350 million, a figure that raised many eyebrows around the league.

http://www.nydailynews.com/sports/ba...1097006?pgno=2

**RollWithEm** · 06-18-2012, 08:08 AM

That's very bad news for this franchise... and possibly for Rudy Gay's future in Memphis.

**Knicks4life** · 10-25-2012, 10:08 AM

Quote:

SpearsNBAYahoo NBA Board of Governors has unanimously approved the sale of the Memphis Grizzlies to an investor group led by Robert Pera.

...

**RollWithEm** · 10-25-2012, 07:16 PM

What a great turn around for the franchise.

06-11-2012, 12:25 PM	#2 (permalink)
RollWithEm Never Argue with a Fool Join Date: Jul 2002 Location: New Orleans Posts: 28,478 Rep Power: 6041729	Re: Sources: Deal for Grizzlies reached This is actually really good news. I like energetic, young owners who come in with some movable pieces already in place. __________________ But that's just me. RWE's Random Questions: (Close Friends, Virginity, Home-Schooling, Wiretapping, Cheating, Piracy) RWE's Movie Rankings: (Coen Brothers, Stanley Kubrick, Top 90 of the 90's) RWE's Underground Update - RWE's SciFi Corner RWE's Smash Central - RWE's Culinary Cul de Sac 2015 FRSL Champion New Orleans Jazz Lawson - Thabo - Thad - Brow - Big Al - Manu - Jayson

06-11-2012, 02:56 PM	#3 (permalink)
Bogg Moderator Join Date: May 2009 Posts: 4,618 Rep Power: 4050067	Re: Sources: Deal for Grizzlies reached I assume this will be the end of the Gay-to-Charlotte rumors. The last thing a rich new owner is going to want to do is trade the leading scorer on a playoff team to save money.

06-11-2012, 03:55 PM	#4 (permalink)
Diable Limehouse Blues Join Date: Apr 2005 Location: North Carolina Posts: 22,177 Rep Power: 14650805	Re: Sources: Deal for Grizzlies reached Gay is going to get traded if they find someone to take his contract. He's the third best player on that team if Zach is healthy and he doesn't make good decisions when you need him to. __________________

06-11-2012, 04:01 PM	#5 (permalink)
Bogg Moderator Join Date: May 2009 Posts: 4,618 Rep Power: 4050067	Re: Sources: Deal for Grizzlies reached Eh, guy just turned 25 and gets you 20 points a game with decent efficiency. It's tough to find a trade for him that makes you a better team, and like I said, the new owner isn't going to want his first move to be trading a major piece and taking a step backward to save money.

06-11-2012, 04:25 PM	#6 (permalink)
Diable Limehouse Blues Join Date: Apr 2005 Location: North Carolina Posts: 22,177 Rep Power: 14650805	Re: Sources: Deal for Grizzlies reached especially when the 20 points on decent efficency comes with a superstar albatross of a contract __________________

06-11-2012, 04:34 PM	#7 (permalink)
Bogg Moderator Join Date: May 2009 Posts: 4,618 Rep Power: 4050067	Re: Sources: Deal for Grizzlies reached $50 million over three years for an almost-elite wing scorer entering his prime(he'll have just turned 28 when the contract is up) isn't a cap-crippling albatross, it's just more than you'd want to be paying him. The Grizzlies aren't better than OKC, but with the Lakers, Spurs, and Mavs on the downslide it's their time right now to be in that second tier out West and maybe try to pull off a shocker in the playoffs. If you can't make the team better by trading Gay, you're better off trying to save money with a Mike Conley deal than flipping out your leading scorer for a hustle rookie.

06-11-2012, 07:21 PM	#8 (permalink)
JonMatrix Veteran Join Date: Apr 2003 Location: Pennsylvania Posts: 1,171 Rep Power: 933842	Re: Sources: Deal for Grizzlies reached If they trade Rudy, then Mike Conley is their only perimeter scorer. It might have worked for a few games last year, but that won't work over the course of an entire season. Gotta have an outside threat to help Z-Bo and Gasol. They'll never get anyone close to Rudy's talent level back in a trade. Is there a wing in this year's draft that will end up better than Rudy? Beal is a possibility, but he's a 2 not a 3. Harrison Barnes? MKG seems like his ceiling is more of a jack of all trades player than a top wing scorer. He might end up a similar player to what Rudy is now, but not right way. Not good enough for a team that has to try and win now. __________________ "I'm from America,our names don't mean ---- here"-Bruce Willis in Pulp Fiction Never underestimate the ability of stupid people in large groups.

06-18-2012, 08:08 AM	#10 (permalink)
RollWithEm Never Argue with a Fool Join Date: Jul 2002 Location: New Orleans Posts: 28,478 Rep Power: 6041729	Re: Sources: Deal for Grizzlies reached That's very bad news for this franchise... and possibly for Rudy Gay's future in Memphis. __________________ But that's just me. RWE's Random Questions: (Close Friends, Virginity, Home-Schooling, Wiretapping, Cheating, Piracy) RWE's Movie Rankings: (Coen Brothers, Stanley Kubrick, Top 90 of the 90's) RWE's Underground Update - RWE's SciFi Corner RWE's Smash Central - RWE's Culinary Cul de Sac 2015 FRSL Champion New Orleans Jazz Lawson - Thabo - Thad - Brow - Big Al - Manu - Jayson

10-25-2012, 07:16 PM	#12 (permalink)
RollWithEm Never Argue with a Fool Join Date: Jul 2002 Location: New Orleans Posts: 28,478 Rep Power: 6041729	Re: Sources: Deal for Grizzlies reached What a great turn around for the franchise. __________________ But that's just me. RWE's Random Questions: (Close Friends, Virginity, Home-Schooling, Wiretapping, Cheating, Piracy) RWE's Movie Rankings: (Coen Brothers, Stanley Kubrick, Top 90 of the 90's) RWE's Underground Update - RWE's SciFi Corner RWE's Smash Central - RWE's Culinary Cul de Sac 2015 FRSL Champion New Orleans Jazz Lawson - Thabo - Thad - Brow - Big Al - Manu - Jayson

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)

Thread Tools
Show Printable Version Email this Page
Display Modes
Linear Mode Switch to Hybrid Mode Switch to Threaded Mode