Grizzlies back on the market - WMC Action News 5 - Memphis, Tennessee

Grizzlies back on the market

You're not going to see a for sale sign staked on the plaza of the FedEx Forum, but the Grizzlies are back on the market, after a deal that some say seemed too good to be true, fell through.

In October, Grizzlies Majority Owner, Michael Heisley handed over Grizzlies jerseys and basketballs to Brian Davis.

Everyone assumed the keys to the Grizzlies ownership office were next.

Everyone also assumed Davis and partner Christian Laettner, had the $360 million Heisley was asking for the team.

"And 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," said Brian Davis.

After three months of waiting, the deal is officially off the table.

Heisley says he's disappointed, but not surprised by the turn of events.

"The Davis group was not able to come up with the money and the exclusive period ended today," said Grizzlies Majority Owner, Michael Heisley.

He adds, "I'm in the deal business, I can't tell you how many times people enter into a deal and then are not able to perform on that deal, it's very common."

Still, he says a deal is still possible.

"If Davis could get his money together, it could come together. If somebody else in the meantime comes up, we'll be in a position to sell to them as well," said Heisley.

As for that $360 million price tag, Heisley says he's sticking to it.

"Why would I lower my price," said Heisley. "I'm thinking about raising it."

Action News 5's Syan Rhodes tried contacting Mr. Davis for a comment today, his spokesperson did not return the call.


Click here to email Syan Rhodes.
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