WASHINGTON, October 1 (Xinhua) -- Former Duke basketball player Brian Davis has reached an agreement to purchase Michael Heisley's 70 percent majority share of the Memphis Grizzlies, according to the Memphis Commercial Appeal Sunday.
The newspaper said that the NBA is expected to review the agreement this week. A source familiar with the deal told the newspaper the contract to sell the Grizzlies estimates the team's value at 350 million US dollars.
Local ownership, which combines for a 30 percent share of the team, has the right to match the offer to purchase the team. The newspaper reports that Heisley's limited partners have 30 days to respond to Davis' offer from the point they receive official notification.
The Commercial Appeal, citing team insiders, reported that the Grizzlies lost more than 40 million US dollars following the 2005-06 season, spurring Heisley to try to sell his majority share.
If he is successful in purchasing the majority share of the Grizzlies, Davis reportedly plans to eliminate team president Jerry West's position in a cost-cutting measure, according to the newspaper. Enditem