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Heisley announces agreement to sell Grizzlies - Yahoo! Sports
Funny after saying the last few weeks that he wont trade Rudy Gay, I guess Heisley was telling the truth. The new owner will be the one to trade Rudy Gay. LOL!
Funny after saying the last few weeks that he wont trade Rudy Gay, I guess Heisley was telling the truth. The new owner will be the one to trade Rudy Gay. LOL!
Majority owner Michael Heisley has been trying to sell his Memphis Grizzlies for years to just the right person, and the Illinois billionaire finally found his buyer.
Robert J. Pera, a 34-year-old billionaire from California.
Heisley said Monday he has an agreement to sell his NBA team to a group headed by Pera. Heisley made the announcement less than a couple hours after published reports of a deal selling the team he moved from Vancouver to Memphis in 2001.
''I am confident that the franchise will continue its development toward being a perennial championship contender and an important member of the Memphis community,'' the 75-year-old Heisley said in a statement. ''I am particularly gratified that we have put together a team which is poised to continue its development. We have an outstanding team of players, coaching staff and basketball and business management.''
The sale is subject to approval by the NBA Board of Governors and other conditions.
Heisley had a deal in 2006 with a group headed by Christian Laettner that fell through in January 2007 when they failed to line up financing the $252 million to buy his majority share. Heisley had been talking to Oracle founder Larry Ellison earlier this year about a possible sale before backing off, saying he didn't want to sell to someone who would relocate the team.
ESPN.com reported the sale would be for approximately $350 million.
Robert J. Pera, a 34-year-old billionaire from California.
Heisley said Monday he has an agreement to sell his NBA team to a group headed by Pera. Heisley made the announcement less than a couple hours after published reports of a deal selling the team he moved from Vancouver to Memphis in 2001.
''I am confident that the franchise will continue its development toward being a perennial championship contender and an important member of the Memphis community,'' the 75-year-old Heisley said in a statement. ''I am particularly gratified that we have put together a team which is poised to continue its development. We have an outstanding team of players, coaching staff and basketball and business management.''
The sale is subject to approval by the NBA Board of Governors and other conditions.
Heisley had a deal in 2006 with a group headed by Christian Laettner that fell through in January 2007 when they failed to line up financing the $252 million to buy his majority share. Heisley had been talking to Oracle founder Larry Ellison earlier this year about a possible sale before backing off, saying he didn't want to sell to someone who would relocate the team.
ESPN.com reported the sale would be for approximately $350 million.
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