Memphis, Tennessee, October 2, 2006 – Memphis Grizzlies majority owner Michael Heisley announced today that he has reached an agreement to sell his seventy percent interest in Hoops, LP, the parent company of the NBA’s Memphis Grizzlies and the operator of FedExForum, to Grizzly Acquisition Holdings, LLC, an investment group headed by former NBA player Brian Davis.
The remaining thirty percent of Hoops, LP is owned by Memphians J.R. "Pitt" and Barbara Hyde, Staley and Andy Cates, Fred Jones and Elliot Perry. That group has a contractual right to match the terms of the purchase agreement between Mr. Heisley and the Davis led group and will have 60 days to decide whether to exercise that option.
Any transfer of ownership, either to the Davis led group or the local ownership group, is subject to the approval of the NBA’s Board of Governor’s.
"Owning an NBA team in Memphis has been one of the most rewarding experiences of my professional life,” said Heisley. "I will be forever grateful to the people of Memphis, especially our great Grizzlies fans who supported me personally from the very beginning. I am proud of all that this team has accomplished, and confident that the future ownership will continue our success."
“I am honored and thrilled to have an opportunity to become Majority Owner of the Memphis Grizzlies,” said Davis. “I believe very strongly in the future of this franchise and in the future of Memphis. I intend to move my family to Memphis and invest money in real estate developments in this city. I look forward to working closely with our local owners and admire their commitment to the Grizzlies and the entire community. I believe they represent the heart of Memphis.”
Watch highlights from the October 4.2006 press conference:
Part 3 of 3
Michael Heisley purchased the Grizzlies on April 11, 2000 from John McCaw. In six year’s as majority owner, Heisley hired Jerry West as President of Basketball Operations in April 2002, saw the franchise win 50 games, earn its first playoff berth in franchise history, qualify for the playoffs in three consecutive seasons and participate in the development of a state-of-the-art downtown arena, FedExForum.
Off the court, Heisley embraced the Memphis community. He became involved in numerous charitable endeavors including spearheading a $5 million donation from the Memphis Grizzlies Charitable Foundation to St. Jude Children’s Research Hospital to build Memphis Grizzlies House.
Brian Davis is a Managing Partner of Blue Devil Ventures, LLC, an urban development company in Durham, North Carolina. A graduate of Duke University in 1992, he was a co-captain with Christian Laettner of the two-time national champions Duke Blue Devils in 1991 and 1992.