Heisley said to have found buyer for Memphis Grizzlies

Memphis Grizzlies owner, Michael Heisley has reached an agreement to sell the team. That's according to the Commercial Appeal.   The paper is reporting Heisley will sell 70% of his share of the Grizzlies to a group led by former Duke player, Brian Davis.

Heisley's majority share is reportedly worth around $350 million. Now, the Grizzlies' local ownership group, which owns the remaining 30%, has 30 days to match any offer to purchase controlling interest of the team.

Action News 5 reporters spoke with one member of the local ownership group Saturday night. He told us he had no comment on this reported sell of the Grizzlies.

Heisley bought the Grizzlies in 2000 and moved them to Memphis from Vancouver.

The Grizzlies have called a news conference to address the ownership issue.  Watch Action News 5 on Monday for the very latest on this developing story!