FOR WEATHER INFORMATION CLICK "FREE MATCHUP" LINK UNDER EACH GAME
Refresh  
  Page last updated on Mon Jun 26 11:36:49 EDT 2017
TOP NEWS
THE GRIZZLIES’ OWNER, CLOSE TO SELL THE FRANCHISE
Wed, 13 Jun 2012 03:59 AM EDT

After 2 successive trips to the playoffs and a return to respectability in the Western Conference, Michael Heisley has found a customer to purchase the Memphis Grizzlies, according to sources with understanding of the owner’s arrangement.

Sources recounted that Heisley has an understanding in principle to sell the team to communications technology mogul Robert Pera, who at 34 years old has a spot on Forbes’ list of the 10 youngest billionaires in the World. Baseball odds

The purchase price is in the $350 million range, sources asserted. A formal announcement to publicize the agreement between the parties is anticipated this week, with NBA Board of Governors approval then needed before Pera can be officially installed as successor to Heisley, who lately 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 till the year 2021, with steep money penalties attached to breaking that lease.

In 2006, Heisley concluded to sell his 70 % controlling stake in the Grizzlies for a reported $360 million to a partnership titled by Christian Laettner and fellow Duke Alumnus Brian Davis. That agreement infamously collapsed and was followed by the controversial trade of Pau Gasol to the Lakers in February 2008. That move at 1st earned Heisley widespread criticism before the Grizzlies’ recent turnabout. But Pera is often known as a basketball follower in business circles and is an unquestionably more serious bidder given his financial portfolio.

Sources said that Pera was spotted at a Grizzlies game in March touring the team’s facilities and operations and Heisley recognized in March that there had been another unnamed bidder for the team together with California multimillionaire Larry Ellison. Heisley was quoted as saying that he halted negotiations with Ellison because the deep-pocketed Oracle founder wished to relocate the franchise.

“We’re not even taking into account Ellison,” Heisley said. “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 eventually helped the Los Angeles Lakers win championships in 2009 and 2010, but Heisley has hushed some of the feedback during the previous 2 seasons by signing Zach Randolph, Rudy Gay and Marc Gasol to lucrative agreements among longstanding disbelief regarding his eagerness to spend.

The Grizzlies suffered an upsetting 1st-round exit this season after blowing a 24-point lead in the 4th quarter against the LA Clippers in Game 1 and then losing Game 7. But in 2011, after the 1st-round upset of 61-win San Antonio, Heisley related: “I think, quite overtly, that we’re placed to be a real factor for 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 ripped Achilles tendon during training camp and Randolph’s 37-game absence as a result of a torn MCL in his right knee.

The Chicago-based Heisley acquired the Grizzlies in 2k when they were located in Vancouver and moved the organization to Memphis beginning with the 2001-02 season.


Sponsored Links

Download Printable Schedules
Now you can download and print schedules for each sport so you can plan ahead and track your results.
UPDATED:
BASEBALL 4/2/2017 - 6/3/2017
TOP TEN WAGERS
RK Team
1
Arizona Diamondbacks
2
Arizona Diamondbacks
3
Colorado Rockies
4
Washington Nationals
5
Cincinnati Reds
06/26/2017
ATP - Eastbourne, Great BritainMAHUT, N vs. HAASE, R05:35 AM PST
WTA - Eastbourne, Great BritainBOUCHARD, E vs. STRYCOVA, B05:35 AM PST
WTA - Eastbourne, Great BritainWATSON, H vs. CIBULKOVA, D05:45 AM PST
ATP - Wimbledon, London, QualificationGIRALDO, S vs. TSITSIPAS, S07:00 AM PST
ATP - Antalaya, TurkeyBERLOCQ, C vs. TROICKI, V07:10 AM PST
ATP - Antalaya, TurkeySAFWAT, M vs. ILKEL, C07:30 AM PST
WTA - Eastbourne, Great BritainPAVLYUCHENKOVA, A vs. MERTENS, E07:55 AM PST
WTA - Eastbourne, Great BritainOSTAPENKO, J vs. SUAREZ NAVARRO, C08:25 AM PST
ATP - Eastbourne, Great BritainNORRIE, C vs. ZEBALLOS, H08:40 AM PST
MLBPhiladelphia Phillies vs Arizona Diamondbacks12:40 PM PST
MLBCincinnati Reds vs St. Louis Cardinals1:15 PM PST
MLBChicago Cubs vs Washington Nationals4:05 PM PST
MLBMinnesota Twins vs Boston Red Sox4:10 PM PST
MLBTexas Rangers vs Cleveland Indians4:10 PM PST
MLBNew York Yankees vs Chicago White Sox5:10 PM PST
MLBColorado Rockies vs San Francisco Giants7:05 PM PST
MLBLos Angeles Angels vs Los Angeles Dodgers7:10 PM PST
06/27/2017
MLBChicago Cubs vs Washington Nationals4:05 PM PST
MLBBaltimore Orioles vs Toronto Blue Jays4:05 PM PST
MLBTampa Bay Rays vs Pittsburgh Pirates4:05 PM PST
MLBNew York Mets vs Miami Marlins4:10 PM PST
MLBMilwaukee Brewers vs Cincinnati Reds4:10 PM PST
MLBMinnesota Twins vs Boston Red Sox4:10 PM PST
MLBTexas Rangers vs Cleveland Indians4:10 PM PST
MLBKansas City Royals vs Detroit Tigers4:10 PM PST
MLBNew York Yankees vs Chicago White Sox5:10 PM PST
MLBOakland Athletics vs Houston Astros5:10 PM PST
MLBSt. Louis Cardinals vs Arizona Diamondbacks6:40 PM PST
MLBAtlanta Braves vs San Diego Padres7:10 PM PST
MLBLos Angeles Angels vs Los Angeles Dodgers7:10 PM PST
MLBPhiladelphia Phillies vs Seattle Mariners7:10 PM PST
MLBColorado Rockies vs San Francisco Giants7:15 PM PST

x