MEMPHIS, Tenn. - An investment group that includes ChristianLaettner and his former Duke teammate Brian Davis has reached anagreement to buy 70 percent of the Memphis Grizzlies.
Billionaire Michael Heisley announced Monday that he agreed tosell his majority share to the group.
Davis, who played in four Final Fours while at Duke from 1989-92,said he wants West Virginia native and Grizzlies basketball CEO JerryWest and Coach Mike Fratello to stay with the Grizzlies.
Davis said at a news conference that the sale was worth about $360million, and he and Laettner are putting a total of $40 million oftheir own money into the project. The remainder will come frominvestors 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 aboutcoming back to play. Laettner, a first-round pick of Minnesota in1992, has not played in the NBA since the 2004-05 season with theMiami Heat.
The transaction will take several months to complete because theminority owners have the right of first refusal for 60 days from thedate they are notified. Also, the sale must be approved by the NBA,and Heisley said he expects to remain with the team for severalmonths.
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