An investment group that includes Christian Laettner and his former Duke teammate Brian Davis has reached an agreement to buy 70 per cent of the Memphis Grizzlies.
Billionaire Michael Heisley announced Monday that he agreed to sell his majority share to the group.
Davis said at a news conference that the sale was worth about US$360 million, and he and Laettner are putting a total of $40 million of their own money into the project. The remainder will come from investors he did not identify, but Davis said he has lined up the money for the purchase.
Davis said Laettner also will be talking to the Grizzlies about coming back to play. Laettner, a first-round pick of Minnesota in 1992, has not played in the NBA since the 2004-05 season with the Miami Heat.
Davis, who played in four Final Fours while at Duke from 1989-92, said he wants Jerry West and coach Mike Fratello to stay with the Grizzlies.
The transaction will take several months to complete because the minority owners have the right of first refusal for 60 days from the date they are notified. The sale also must be approved by the NBA, and Heisley said he expects to remain with the team for several months.
