NBA officials say they are not ready to move forward with the sale of the Memphis Grizzlies.
The following was posted on NBA.COM:
Joel Litvin, NBA President, League and Basketball Operations, issued the following statement today regarding the proposed purchase of the Memphis Grizzlies:
"The NBA has not yet received from Messrs. Davis and Laettner sufficient information to conduct our review of their proposed purchase of the team, in accordance with NBA rules. Among other things, and despite numerous requests from the NBA, we have not been provided with important information about other potential investors, including the sources and amounts of funding that they would supply.
"In addition, 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."