The Memphis Grizzlies may be up for sale and a former NBA player Brian Davis who leads an investment group was recently denied to buy the Memphis Grizzlies team.
According to sources Brian Davis would invest an estimated $40 million to $55 million personally to become a controlling partner of the team, and he and NBA player Christian Laettner would have two to five partners.
League president Joel Litvin has stated that all the information has not been received that they need it inorder to continue to review the purchase and that the sale would have to be approved by the NBA.
“… 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,” stated Joel Litvin.
Which inturn means that the NBA is more than likely ignoring their proposal until all the information has been presented.
“We’re following up with the league to finalize the financial information, and we should have all that done over the next couple of weeks,” Davis states.
Owner Michael Heisley has given Brian Davis and Christian Laettner a January 15th deadline to complete the sale for Michael Heisley’s 70-percent share. Davis group will pay $252 million for Michael Heisley’s share, based on a $360 million franchise value. The controlling partner will personally invest 15 percent according to the new league rules.
Brian Davis is asking people to step back and give them an opportunity so that they can get the deal approved.