Owner: Difficult for Davis-Laettner group to buy Grizzlies - WMC Action News 5 - Memphis, Tennessee

Owner: Difficult for Davis-Laettner group to buy Grizzlies

By TERESA M. WALKER

AP Sports Writer      

NASHVILLE, Tenn. (AP) - The owner of the Memphis Grizzlies said Wednesday he notified the group headed up by Brian Davis and Christian Laettner they have until Jan. 15 to come up with the money to buy his majority share of the team, but he doubts they can meet that deadline.      

That was the date set in the contract for the real estate developer and his group to buy billionaire Michael Heisley's 70 percent share of the Grizzlies. The NBA is not considering the application because Davis has not been able to show that he can come up with $252 million or the millions he needs to be controlling partner.      

Heisley said Davis' group has had certain milestones to meet and had problems reaching many of those already.      

"We've notified them that they are in default under those milestones. ... I think that it's going to be difficult for them to meet those milestones, get the money and everything and get league approval by Jan. 15. They still have until Jan. 15 under the contract," Heisley told The Associated Press.      

NBA officials said Dec. 5 they are not considering the sale because the proposed buyers had not provided enough information on their financing for the deal.      

Davis was not in his office in North Carolina on Wednesday, and his attorney handling questions about the sale did not immediately return a telephone message from the AP.            

(Copyright 2006 by The Associated Press.  All Rights Reserved.)

  • Trending StoriesTrending StoriesMore>>

  • College student arrested; tried to trade chicken alfredo, Sprite for sex

    College student arrested; tried to trade chicken alfredo, Sprite for sex

    Wednesday, December 13 2017 3:38 PM EST2017-12-13 20:38:04 GMT

    Youngstown State University student Albert Maruna was caught red-handed and arrested this week after he allegedly attempted to have sex with a 15-year-old boy, who turned out to be an undercover officer.  

    More >>

    Youngstown State University student Albert Maruna was caught red-handed and arrested this week after he allegedly attempted to have sex with a 15-year-old boy, who turned out to be an undercover officer.  

    More >>
  • Roy Moore responds after Senate loss to Doug Jones

    Roy Moore responds after Senate loss to Doug Jones

    Wednesday, December 13 2017 10:58 PM EST2017-12-14 03:58:33 GMT
    (Source: Moore campaign)(Source: Moore campaign)

    Roy Moore has released a statement following his loss to Senator-elect Doug Jones in Tuesday's election.  Moore released a video to the people of Alabama. The transcript is below: Tomorrow, my wife and I will celebrate our 32nd wedding anniversary. I want to thank her and all my family, for standing with me through this long and arduous campaign. And of course, I want to thank all of you who have stood with me in this very important battle for the future of our country. We ...

    More >>

    Roy Moore has released a statement following his loss to Senator-elect Doug Jones in Tuesday's election.  Moore released a video to the people of Alabama. The transcript is below: Tomorrow, my wife and I will celebrate our 32nd wedding anniversary. I want to thank her and all my family, for standing with me through this long and arduous campaign. And of course, I want to thank all of you who have stood with me in this very important battle for the future of our country. We ...

    More >>
  • Dan Johnson: KY State Rep. kills himself in Bullitt County

    Dan Johnson: KY State Rep. kills himself in Bullitt County

    Wednesday, December 13 2017 11:29 PM EST2017-12-14 04:29:43 GMT

    Kentucky state representative "Pope" Dan Johnson has committed suicide, days after a report surfaced alleging he assaulted a teenage girl in 2013.

    More >>

    Kentucky state representative "Pope" Dan Johnson has committed suicide, days after a report surfaced alleging he assaulted a teenage girl in 2013.

    More >>
Powered by Frankly