MEMPHIS, Tenn. -- NBA officials are not considering a sale
of the Memphis Grizzlies, because the proposed buyers have not
provided enough information on where the money would come from.
Former NBA player Brian Davis leads an investment group that
wants to buy a majority stake in the Grizzlies. He has declined to
name the investors or discuss financing.
The sale must be approved by the NBA, and league president Joel
Litvin said in a statement Tuesday the NBA hasn't received all
the information requested from Davis and can't continue to review
the purchase.
"Among other things, and despite numerous requests from the
NBA, we have not been provided with important information about
other potential investors, including the sources and amounts of
funding that they would supply," according to Litvin's statement.
"In addition, based on the limited information that we have
received, it appears that certain elements of the transaction would
not comply with NBA rules. As a result, and contrary to their
public statements, the NBA is not taking any action at this point
with respect to the proposed transaction."
Davis leads an investment group that includes former NBA player
Christian Laettner, who along with Davis was co-captain of Duke's
championship team in the early 1990s.
In a statement issued Tuesday night, Davis apologized for
implying the entire proposal had been submitted to the league.
"We are working to finalize our submission and apologize for
any confusion these comments may have caused," Davis said.
Davis has said he plans to invest $40 million to $55 million
personally to become controlling partner of the team, and that he
and Laettner would have two to five partners.
Local minority owners of the Grizzlies decided against trying to
match the $252 million offer to buy out buy out Michael Heisley's
70-percent share of the team. Under Davis' contract with Heisley,
the minority owners had until Friday to match Davis' offer.
Heisley announced the proposed sale in October, saying he and
Davis agreed on $360 million as the total value of the franchise.
The minority owners own 30 percent of the team.