Friday, March 30th, 2012 at 9:20 am  |  6 responses

Memphis Grizzlies Owner Won’t Sell to Anyone Looking to Move Team

Michael Heisley isn’t opposed to selling the Grizzlies, but he says that it won’t happen if the buyer’s intention is to move the team away from Memphis. From the Commercial Appeal: “In addition to proving financial wherewithal up front, a potential suitor must bring a substantial down payment before entering into a purchasing agreement. Also, any talk about trying to relocate the Grizzlies before 2021 is, in Heisley’s view, a deal breaker because of a lease that binds the team to Memphis and FedExForum until at least that year. So it’s no wonder that Heisley instructed his attorney, Stan Meadows, to stop negotiating with California billionaire Larry Ellison. The Oracle founder and third-richest American, who recently signed a confidentiality agreement with Heisley and began an exploratory process to buy the Grizzlies, has the financial wherewithal. But Heisley said Thursday that Ellison’s representatives made repeated overtures about moving the Grizzlies. ‘We’re not even considering Ellison,’ Heisley said. ‘This team cannot be moved.’ Heisley is asking $350 million for the Grizzlies and says he makes it clear with potential buyers that the team’s arena lease with the city and county is rigid. There are several clauses and financial penalties that make it a daunting task to move the Grizzlies before 2021.”

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  • Justin G.

    How ironic that the guy who bought the team with the promise of not moving them out of Vancouver is so rigid about the team staying if someone else purchases it from him. This guy is a real piece of sh*t

  • Gee

    My exact sentiments. Sell it to an owner, who’ll say all the right things, sing the anthem before a game, etc… Then move them back to Canada. Stu Jackson need not apply

  • abaci

    Sell to clay bennett, he is a truthful and honest man.

  • RunNGun

    cosign abaci! LOL

  • Grizz season ticket holder

    Stern should be begging Ellison to buy and move this team. Cheapest tickets in the NBA, very good team in a very nice arena located in the only nice part of Memphis, and only 3 sellouts this season, 21st in attendance.
    The city of Memphis is in shambles and only getting worse. For the love of the NBA, get the Grizzlies out of here. This city does not deserve them. I’ll miss them, but will be happy for them when they leave.

  • jay

    basketball doesn’t belong in Memphis. Move it to Seattle or better yet move to Chicago or Houston. If NYC and LA have multiple teams the other 2 huge markets can have them too. Also cuts down on travel time/costs for all 30 teams regarding road trips.