Michael Heisley said 15 minutes ago: “It has happened in the last 30 minutes or so’’ that contract to sell Grizzlies to Robert Pera signed Michael Heisley on why he’s selling the Grizzlies now: “I have stepped aside from my companies. I’m 75 years of age I had a couple of medical problems this year (heart). I thought the team was in good shape. Fan base was in good shape. I thought if the opportunity presented itself, I would sell the team.’’ Michael Heisley said it was never discussed with new owner Robert Pera whether Grizzlies might move but Heisley said there’s no chance of that happening until after 2021 since there’s an ironclad lease with the city of Memphis with the arena. Michael Heisley on if Grizzlies ever might move down the road: “We made it clear to anybody that came that we would like the team to stay here but we can’t make somebody stay here forever.’’ Michael Heisley: “I want to make this really clear. The league has not approved this (sale). This is at least a 30-to-60 day process.’’ ESPN.com, which first reported the story, said Grizzlies to sell for $350 million. Heisley said that’s “in the ballpark.’’ Said Heisley, “I will say it’s in the 3 something,’’ Heisley said of the amount being more than $300 million. Michael Heisley on when Memphis Grizzlies could move if they ever do: “This has nothing to do with either staying or it’s moving,'' Heisley said of the sale to Pera. "We still have… nine years left on a contract with the city to stay in the city. I have not yet figured how people have figured how people think somebody is going to buy the team and leave. It’s going to be here for a while.’’ Michael Heisley on Grizzlies staying in Memphis: “I had no discussion with this party about moving the team at all. They have not indicated that at all. That was never part of any conversation... As far as we're concerned, it's obvious they're going to basically be there for a long period of time.’’ Heisley said he plans to sell 100 percent. Thinks Pera will be good owner. “I think he’ll be a good owner,’’ Heisley said. “He’s young. He’s in his 30s. I think he loves basketball. And I think he’s financially very well off. I think he’ll be an excellent owner. But that’s a job for the NBA to decide.’’ Michael Heisley said it will be bittersweet selling the Grizzlies. “It’s very bittersweet,'' he said. "I love Memphis. Outside of basketball and in basketball, I’ve done a heck of a lot. I’ve spent a huge amount of money to make the team successful there. I didn’t do it because I’m a special person. I did because I love basketball and I love the city of Memphis and the people there and they’ve treated me fantastic. I have nothing but wonderful feelings.'' Heisley on why selling "Quite frankly I’m 75. My son is not interested in going to Memphis and running the team. So obviously at some point it was going to have to be done. And quite honestly I thought it was my job to get it done rather than leave it to my heirs. I've had my surgery on my heart. When get to be my age and things start happening, it makes you suddenly realize if you're going to make these kind of decisions you got to make them while you're healthy (not) from a hospital bed' Michael Heisley said he will make decisions this summer on the Grizzlies in consultation with the potential new owners. http://www.foxsportsflorida.com/06/.../msn_landing.html?blockID=744558&feedID=10140
Fixed cost. They're not over the cap and spending into lux tax land. There are fixed cost and that make it profitable either way. If the cap is 55m and you spend 55m, how is that making the team hard to sell. Since their is a ceiling and a floor, it doesnt matter. For those who don't know, memphis is a great basketball city. Its typical of a southern sports town in a way that you have to win to draw. The arena is in a great spot also. Memphis has crime just like oakland,dc,detroit,and numerous other nba cities. The united center is in the hood. The old forum was in the hood too.
Yeah no kidding. Even if I was Donald Sterling kinda suck running the franchise into the gutter, I'd be all on that. Even if you don't like basketball one bit, its a GLOBAL brand and glam lifestyle. Why would you not want to promote your business interest through that channel, and hobnob with A-list people.
The countdown begins but at least it's 9 more years before they leave. At what point will the Grizzlies achieve "lame duck" status in Memphis? The last two years of the Oilers here weren't pleasant. I hope the new owner has some finesse and savvy with the fans in Memphis on the relocation issue. If he makes a clear salary-dumping move or if/when they start losing again, it could be a rough ride.
If he were to move the team, he'd start several years in advance to get an arena deal with the new city and get the thing built and so on. So, I'm betting about 3-4 years of lame-duck status at the end of the contract, if they move. But, I wouldn't be quick to say they'll move.
The Memphis Grizzlies’ sale to Robert J. Pera, announced this past week, is already in serious trouble, according to league sources. Pera owns Ubiquiti Networks, a Silicon Valley communications technology company. When its stock bottomed out in the last two weeks, his net worth plummeted from $1 billion to $200 million, according to league insiders who say that unless he has some wealthy partners lined up to help him finance the sale, it will likely fall through. In that case, the Grizzlies will continue to be owned by Michael Heisley. Pera agreed to buy the team for $350 million, a figure that raised many eyebrows around the league. Non-related: The Lakers are committed to moving Pau Gasol — the fall guy for their second-round ouster against the Thunder and previous playoff failures — even if they have to take back less talent. As long as Heisley retains the Grizzlies, Memphis will always have interest. Heisley has always wanted to bring Gasol back, pairing him with his brother, Marc.
Edit: It's Peyton's wife, not Peyton. ______________________ Peyton Manning a minority owner of the Grizzlies, joining Penny Hardaway and Justin Timberlake.
Wow. Has there ever been an active pro athlete that owns part of another pro team? (T.O. co-owning his former AFL team doesn't count.)
For many years I've pictured Peyton Manning as a future NFL coach. Maybe it's time to think of him as a future NFL owner instead.
