Oracle CEO reportedly looking to buy Memphis Grizzlies - WMC Action News 5 - Memphis, Tennessee

Oracle CEO reportedly looking to buy Memphis Grizzlies

(WMC-TV) - One of the country's richest men is in the market for a basketball team, and he is looking to buy the Memphis Grizzlies.

According to the Commercial Appeal, Oracle CEO Larry Ellison has inquired about buying the Grizzlies.

Forbes ranks Ellison the third richest person in America.

Team owner Michael Heisley told the paper that talks are in the initial stages and have not become serious.  He added that he could not downplay it enough and said if it happens, even he would be surprised.

Grizzlies forward Zach Randolph said Saturday that he wants to stay in the Bluff City.

"We can't leave Memphis," said Randolph.  "I'm staying in Memphis, we've got to stay here."

Selling and moving the Grizzlies would be an expensive transaction.  It would cost at least $100 million to terminate the team's lease at the FedEx Forum.

According to the lease agreement, the penalty declines each year.  In 2020, the price for terminating the lease would be $63 million a year.

Heisley is asking $360 million for the team.

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