Memphis Grizzlies owner Michael Heisley said he reached an agreement Monday to sell the team he has owned for the past 12 years.
Heisley said a contract was signed with billionaire Robert J. Pera. He said it was not discussed whether Pera ever might move the team, but that Grizzlies have an ironclad contract to remain in Memphis until at least 2021.
I have stepped aside from my companies, Heisley, who has been looking to sell the team before, said in an interview with FOX Sports Florida about why hes selling now. Im 75 years of age. I had a couple of medical problems this year (with his heart). I thought the team was in good shape. Fan base was in good shape. I thought if the opportunity presented itself, I would sell the team.
ESPN.com, which first reported the team would be sold to Pera, put the sales price in the range of 350 million. Heisley, who will give up 100 percent of ownership, said that figure is in the ballpark.
I will say its in the 3-something, said Heisley, refer...