Buyer for Grizzlies

Memphis Grizzlies majority owner Michael Heisley said Monday that he has an agreement to sell his NBA team to a group headed by California billionaire Robert J. Pera. Heisley (pictured) made the announcement after published reports that he finally had found a buyer for the team he moved from Vancouver to Memphis in 2001. “I am confident that the franchise will continue its development toward being a perennial championship contender and an important member of the Memphis community,” Heisley said in a statement. The sale is subject to approval by the NBA Board of Governors and other conditions. Heisley bought the Grizzlies in 2000, moved the team to Memphis in 2001 and finally into the FedExForum in 2004. ESPN.com reported the sale would be for approximately $350 million. – Associated Press