Owner: Difficult for Davis-Laettner group to buy Grizzlies

Published: Dec. 20, 2006 at 4:58 PM CST
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AP Sports Writer

NASHVILLE, Tenn. (AP) - The owner of the Memphis Grizzlies said Wednesday he notified the group headed up by Brian Davis and Christian Laettner they have until Jan. 15 to come up with the money to buy his majority share of the team, but he doubts they can meet that deadline.

That was the date set in the contract for the real estate developer and his group to buy billionaire Michael Heisley's 70 percent share of the Grizzlies. The NBA is not considering the application because Davis has not been able to show that he can come up with $252 million or the millions he needs to be controlling partner.

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

"We've notified them that they are in default under those milestones. ... I think that it's going to be difficult for them to meet those milestones, get the money and everything and get league approval by Jan. 15. They still have until Jan. 15 under the contract," Heisley told The Associated Press.

NBA officials said Dec. 5 they are not considering the sale because the proposed buyers had not provided enough information on their financing for the deal.

Davis was not in his office in North Carolina on Wednesday, and his attorney handling questions about the sale did not immediately return a telephone message from the AP.

(Copyright 2006 by The Associated Press.  All Rights Reserved.)