Grizzlies’ Minority Investors Consider Bid For Entire Team
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Local Grizzlies Investors Eyeing
Majority Owner’s 70% Stake |
The Grizzlies’ local minority investor group is “poised to make a bid to buy out” Majority Owner Michael Heisley’s 70% share, according to sources cited by David Williams of the Memphis COMMERCIAL APPEAL. But there are “significant hurdles” to the deal, including a “possible financial gap between what Heisley would accept for the team and what the local investors would be willing to pay.” That gap “apparently has narrowed, making a sale appear more likely but still anything but sure.” Also, the local investors are “said to be concerned that media coverage of their bid could raise local expectations unreasonably high, as well as potentially jeopardize negotiations.” The investors, who own a 30% stake in the team, have “stated their interest in majority ownership — at the right price.” They believe the failed bid by Brian Davis that valued the team at $360M was “too high.” Sources said that the group has “sought other local investors, possibly including one who would be the public face of ownership.” The minority ownership group includes Memphis residents Pitt and Barbara Hyde, Andy Cates, Staley Cates, Charles Ewing, Fred Jones, Elliot Perry and others (Memphis COMMERCIAL APPEAL, 2/15).
DON’T GO, WEST: The contract of Grizzlies President of Basketball Operations Jerry West expires on April 30, but West said, “We felt it was in everybody’s best interest that I stay a little while longer. ... I’m going to work the draft and be here, for sure, through July 1. ... We just thought it made sense for me to extend the deal” (COMMERCIAL APPEAL, 2/14).
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