Deadline For Grizzlies Purchase Bid Approaches - NewsChannel5.com | Nashville News, Weather & Sports

Deadline For Grizzlies Purchase Bid Approaches

(AP) MEMPHIS - Monday is the deadline for a group of investors to make a bid to purchase Memphis Grizzlies owner Michael Heisley's majority share of the team.

Brian Davis is leading the investment team, which includes former NBA player Christian Laettner.

League officials said in December they are not considering the sale because the proposed buyers had not provided enough information on their financing for the deal.

Heisley has said he didn't think Davis' group could meet Monday's deadline.

Heisley has said Davis' group has had certain milestones to meet and had problems reaching many of those already.

The contract announced in October valued the Grizzlies' franchise at $360 million. Minority owners in Memphis who own 30 percent have declined an option to match the offer by Davis' group.

If the sale falls through, Heisley said he would be willing to listen to another prospective buyer.

(Copyright 2007 by The Associated Press.  All Rights Reserved.)

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