Grizzlies to be sold to Laettner, Davis

[abomb]

Group including Laettner, Davis agree to buy Grizz

ESPN.com news services

MEMPHIS, Tenn. -- An investment group that includes Christian Laettner and his former Duke teammate Brian Davis has reached an agreement to buy 70 percent 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 $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.

The Memphis Commercial Appeal, citing team insiders, reported Sunday that the Grizzlies lost more than $40 million following the 2005-06 season, spurring Heisley to try to sell his majority share. The newspaper first reported the sale Sunday.

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.

The Associated Press contributed to this report.

 

[dreamcastrocks]

I want to know where Laettner got $40 million. (His partner must be the one with the dough)

 

[Espo]

I enjoy how in the article it says " Laettner will be talking to the Grizzlies about making a comeback". If he is the new owner do they really have much room to say no to him? And also did Laettner just buy a team in order to be able to still play? jk

 

[elindholm]

Laettner never lived up to his college reputation, but he was a pretty decent player. Actually I was kind of hoping he might catch on with the Suns this year, but apparently that's not going to happen.

 

[Chaplin]

Laettner never lived up to his college reputation, but he was a pretty decent player. Actually I was kind of hoping he might catch on with the Suns this year, but apparently that's not going to happen.

I agree. We brought in Olowakandi and talked about Lampe and Romain Sato. Laettner is probably better than all 3.

 

[asudevil83]

I want to know where Laettner got $40 million. (His partner must be the one with the dough)

exact same thing i thought.

 

[scoutmasterdave]

I want to know where Laettner got $40 million. (His partner must be the one with the dough)

Christian Laettner is #59 on the all-time NBA money list, making over $61.4M in his career.

http://basketball-reference.com/leaders/salary_career.html

He made a lot of money before teams realized he sucked.

BTW - how screwed up is it that Juwan Howard, Penny Hardaway, and Allan Houston are in the top 10? Yikes...

 

[asudevil83]

Christian Laettner is #59 on the all-time NBA money list, making over $61.4M in his career.

http://basketball-reference.com/leaders/salary_career.html

He made a lot of money before teams realized he sucked.

BTW - how screwed up is it that Juwan Howard, Penny Hardaway, and Allan Houston are in the top 10? Yikes...

looking at this list, you can find so many anomalies. i know a lot of the odd things have to do with the time period these guys played. BUT:

Derrick Coleman and Jordan made just about the same amount during their careers. Ostertag and Lorenzen Wright have made more money than Barkley.

 

[Espo]

looking at this list, you can find so many anomalies. i know a lot of the odd things have to do with the time period these guys played. BUT:

Derrick Coleman and Jordan made just about the same amount during their careers. Ostertag and Lorenzen Wright have made more money than Barkley.

The problem with this is its tough to compare values you in the 1980's and how inflation and sport in general have changed.

 

[Ouchie-Z-Clown]

Christian Laettner is #59 on the all-time NBA money list, making over $61.4M in his career.

http://basketball-reference.com/leaders/salary_career.html

He made a lot of money before teams realized he sucked.

BTW - how screwed up is it that Juwan Howard, Penny Hardaway, and Allan Houston are in the top 10? Yikes...

laettner didn't suck. in fact, he was quite good initially. he just played on a REALLY lousy wolves team (i think he averaged 19 and 8 for a couple years) and he had an awful attitude. was he top three pick good? no, particularly in a year when 1 and 2 were shaq and zo, but he was still pretty good. not the bust that others have been and certainly didn't "suck."

but man is it sad that juwan is in the top 10. penny and houston were worth the cash pre-injury, they were just injured and it ended their abilities, juwan was just never that good of a player. a solid player, but not top 10 good.

 

[scoutmasterdave]

laettner didn't suck. in fact, he was quite good initially. he just played on a REALLY lousy wolves team (i think he averaged 19 and 8 for a couple years) and he had an awful attitude. was he top three pick good? no, particularly in a year when 1 and 2 were shaq and zo, but he was still pretty good. not the bust that others have been and certainly didn't "suck."

but man is it sad that juwan is in the top 10. penny and houston were worth the cash pre-injury, they were just injured and it ended their abilities, juwan was just never that good of a player. a solid player, but not top 10 good.

Fair enough - I'll agree he didn't *suck*. However, he was never worth $8-10M/year, which he made in the middle part of his career.

 

[Divide Et Impera]

Christian Laettner buying a team?

I guess this is one way to get yourself a roster spot....

 

[George O'Brien]

Worked for Jordan.

Laettner got a terrible reputation as being locker room poison. Obviously playing on bad teams is a way to get that rep, but it was certainly an issue.

 

[KloD]

Wait a minute.. I thought the rules were such that Jordan didn't get to buy into the Wizards until after he was done playing? I thought you couldn't own and play?

 

[George O'Brien]

Wait a minute.. I thought the rules were such that Jordan didn't get to buy into the Wizards until after he was done playing? I thought you couldn't own and play?

OK, he bought in and then sold out on the condition he play?

 

[KloD]

OK, he bought in and then sold out on the condition he play?

My memory didn't fail me.

"NBA rules also required Jordan to sell his ownership stake in the Wizards."
Link

I brought it up because the claim by this Davis character that Laettner is talking about coming back to play contradicts the claim he is attempting to buy the team. Both cannot be true.