Davis-led group sets sights on purchase of Memphis Grizzlies

Brian Davis at Monday morning's press conference.
Brian Davis at Monday morning's press conference.

At a press conference Monday morning at FedExForum, more information was released about the possible sale of the Memphis Grizzlies.

Former NBA player and Duke basketball standout Brian Davis told reporters he has a vision for the Grizzlies and the City of Memphis, a vision he plans to put in place if he and his group are successful in becoming majority owners of the team.
Davis' former Duke teammate, Christian Laettner, will be one of his partners.  "We have developed some great relationships with some institutions in New York City to be our partners," Davis said. "Christian Laettner and I are going to put $40 million of our own cash in, and we're going to bring another local group of some business leaders here who will make an infusion of some $10 or $20 million."

Davis and his group offered current majority owner Michael Heisley $360 million for his 70% majority ownership of the team, more than double what Heisley paid 6 years ago when he brought the team to Memphis from Vancouver.

"I have always believed it was a negative for me not to l live in the city of Memphis," Heisley said at Monday's press conference. "The reason I've worked so long with him (Davis) is that I basically believe he is going to make a much bigger impact on the city of Memphis."

Davis said he will move to Memphis with his family.

The current minority ownership of the Grizzlies, led by AutoZone founder Pitt Hyde, has first right of refusal on the deal, and have the option of buying Heisley's 70% themselves.

Here is a possible stumbling block in all of this.. the minority ownership led by Autozone founder Pitt Hyde has first right of refusal.

"We have yet to receive a copy of the agreement," Hyde said. "Once we receive that, we will analyze that, and over the next 60 days we'll decide what we will do."
Hyde and the rest of the minority owners could also decide to just remain as as minority owners.