Heisley terminates deal with Davis group to buy Grizz

http://www.commercialappeal.com/mca/grizzlies/article/0,1426,MCA_475_5224687,00.html

Heisley terminates deal with Davis group to buy Griz
December 19, 2006
Brian Davis and Christian Laettner shot an airball.
The former Duke teammates’ bid to buy controlling interest in the Memphis Grizzlies ended Tuesday when majority owner Michael Heisley terminated their purchasing agreement, according to an NBA source familiar with the deal.


Davis’ efforts to secure enough financing to buy Heisley's 70 percent have not progressed enough for the NBA to review an application.
According to the source, Davis no longer has enough time to complete the NBA process and close on the transaction before the Jan. 15 deadline outlined his purchasing agreement with Heisley.

Davis reportedly wanted an extension, and Heisley refused.

The potential sale was based on the Grizzlies being valued at $360 million.

Davis, who put up at least $1 million in escrow, will lose a significant amount based on legal fees and other costs incurred during his pursuit.

He’s shown interest in buying the Griz most of this year, and publicly announced his intentions in October when the team opened training camp.