Built Ford Tough Posted June 11, 2012 Report Share Posted June 11, 2012 After two consecutive trips to the playoffs and a return to respectability in the Western Conference, Michael Heisley has found a buyer to purchase the Memphis Grizzlies, according to sources with knowledge of the owner's plans. Sources told ESPN.com that Heisley has an agreement in principle to sell the team to communications technology magnate Robert Pera, who at 34 has a spot on Forbes' list of the 10 youngest billionaries in the world. The purchase price is in the $350 million range, sources said. A formal announcement to publicize the agreement between the parties is expected this week, possibly as soon as later Monday, with NBA Board of Governors approval then required before Pera can be officially installed as successor to Heisley, who recently turned 75. Sources briefed on the sale negotiations told ESPN.com that Heisley received an eight-figure deposit from Pera on Monday afternoon that sets the sale agreement in motion to be evaluated by the league for final approval. "I think he'll be a good owner," Heisley told FoxSports.com. "He's young. He's in his 30s. I think he loves basketball. And I think he's financially very well off. I think he'll be an excellent owner, but that's a job for the NBA to decide." "I want to make this really clear," Heisley added. "The league has not approved this (sale). This is at least a 30-to-60-day process." Sources say that Pera intends to keep the team in Memphis. The Grizzlies' lease at the FedExForum, furthermore, ties the team to the city until the year 2021, with steep financial penalties attached to breaking that lease. http://espn.go.com/nba/story/_/id/8038389/sources-billionaire-robert-pera-agrees-purchase-memphis-grizzlies Quote Link to comment Share on other sites More sharing options...
Owner Real Deal Posted June 12, 2012 Owner Report Share Posted June 12, 2012 I was going to make a comment, stating that he would probably move the team...but that lease extends into 2021, which is a LONG time and probably a big penalty. Pera is a billionaire, though. If he were to move the team, he would probably beg Stern for a move to Vegas. Not sure the league would ever want that, though. Quote Link to comment Share on other sites More sharing options...
Sħãlïq™ Posted July 20, 2012 Report Share Posted July 20, 2012 Stern on the Memphis Grizzlies sale and the possibility of Seattle getting another team: Stern: Well, the Grizzlies sale, we received the contract last night. That's currently being analyzed, and we are going to start both having the lawyers analyze it and go through the standard and somewhat boring process of getting all the facts we need to know for approval by the board of governors. So that's where we are with the Grizzlies. With Seattle, I had a visit from the mayor, Mayor (Mike) McGinn yesterday ... and he explained to us they have a place that is zoned for an arena, that the land has been purchased by the party who wants to both put an arena there and buy a team, and he's securing the support of the Seattle City Council and the King County Council, and it is their hope that if there is a building going up and there is a team available that they would float bonds to support the team, the bonds would be repaid by the additional revenue that would be generated by the arena that would be built otherwise with private funds. http://www.tulsaworld.com/sportsextra/article.aspx?subjectid=226&articleid=20120613_226_B5_ULNSBo617026 Quote Link to comment Share on other sites More sharing options...
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