Basketball - Group Reached Agreement to Buy Memphis G

An investment group that includes Christian Laettner and his former Duke teammate Brian Davis has reached an agreement to buy 70% of the Memphis Grizzlies. Laettner, who played with the league for 13 years, left the NBA after his season with Miami in 2004-05. Laettner is also interested in returning to the NBA to play for the Grizzlies, according to Davis. Davis played in four Final Fours while at Duke from 1989-92.

Davis claimed he reached an agreement with billionaire Michael Heisley to buy his 70% majority share in the team for about $360 million. Davis and Laettner are putting a total of $40 million of their own fund into the purchase. The remaining fund will come from investors, whose identities have not been disclosed. But Davis said he has already lined up the money for the purchase. Group also declared that it has no intention to change the current managing executives and coaches after the completion of the sale.

The sale will not however occur before several months. For two reasons: the minority owners have the right of first refusal for 60 days from the date they are notified. AutoZone founder J.R. "Pitt" Hyde, who is a minority owner and business leader who helped bring the Grizzlies to Memphis, explained a decision on trying to match Davis' offer will take a couple of weeks. Second the sale also must get the approval of the NBA.

Billionaire Heisley bought the franchise in Vancouver in 2000 for $160 million and moved it to Memphis the following year. The Memphis Commercial Appeal reported that Heisley has been trying to sell his majority share after the Grizzlies lost more than $40 million during the season of 2005-06.