Originally posted on Fox Sports Florida  |  Last updated 6/11/12
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, referring to 300 million. Heisley stressed the NBA still must approve the sale to Pera, who made his money in communications technology and at 34 is ranked in Forbes list of the worlds 10 youngest billionaires. Forbes calls his net worth 1.5 billion. I want to make this really clear, Heisley said. The league has not approved this. This is at least a 30- to 60-day process. Until the sale can be made official, Heisley said he will continue to run the team. But he said any big decisions will be made while consulting Pera. I think hell be a good owner, Heisley said. Hes young. Hes in his 30s. I think he loves basketball. And I think hes financially very well off. I think hell be an excellent owner. But thats a job for the NBA to decide. Heisley bought the Grizzlies in 2000 when they were in Vancouver in 2000 and moved them to Memphis in 2001. The team moved into FedExForum, a state-of-the-art arena, in 2004. Its very bittersweet, Heisley said of selling the team. I love Memphis . Ive spent a huge amount of money to make the team successful there . I did it because I love basketball and I love the city of Memphis and the people there, and theyve treated me fantastic. I have nothing but wonderful feelings . Im 75. My son (Michael Heisley Jr.) is not interested in going to Memphis and running the team. So, obviously, at some point it was going to have to be done. And, quite honestly, I thought it was my job to get it done rather than leave it to my heirs. I've had my surgery on my heart. Im just saying when you get to be my age and things start happening, it makes you suddenly realize if you're going to make these kinds of decisions, you got to make them while you're healthy. You dont want to be making them on a hospital bed. Heisley, a businessman who made his fortunes by buying downtrodden companies and building them back up, said he has been approached by ownership groups in the past who wanted to try to get involved with the city and move the team soon. But Heisley said he wouldnt entertain such offers. While Heisley said it has never come up with Pera about whether the team will or will not eventually move, Heisley stressed it would be almost impossible for the Grizzlies to get out of their lease with the city to use FedExForum before it expires in 2021. This has nothing to do with either staying or its moving, Heisley said. We still have nine years left on a contract with the city to stay in the city. I have not yet figured how people think somebody is going to buy the team and leave. Its going to be here for a while. However, Heisley did acknowledge, We cant make somebody stay here forever. Heisley had agreed in 2006 to sell 70 percent of the team to a group that included former Duke stars Christian Laettner and Brian Davis. But the deal fell through. Under Heisleys ownership, the Grizzlies have made five playoff appearances. They won the first series in team history in 2011 when, as a No. 8 seed in the West, they upset No. 1 San Antonio in the first round. They were the No. 4 seed this season but lost in Game 7 of the first round to the No. 5-seeded Clippers. We got to Game 7 and we just came out flat, Heisley said. I think we should have beaten them but we didnt . Everybody wants to dwell on that. I dwell on the fact we had the highest winning percentage in the history of the franchise (41-25 for .621). And Heisley said he has no problem going out that way. Chris Tomasson can be reached at christomasson@hotmail.com or on Twitter @christomasson
GET THE YARDBARKER APP:
Ios_download En_app_rgb_wo_45
MORE FROM YARDBARKER

Report: Lincecum has been throwing in secret location

RG3 passes exit physical, clears way for release

Bryce Harper has great response to $400 million contract question

Cavs discussed three-team deal that would net them Melo

Celtics reportedly discussing Kevin Love trade

New York Giants to pursue Matt Forte?

LIKE WHAT YOU SEE?
GET THE DAILY NEWSLETTER:

Joe Mauer to try wearing sunglasses to improve pitch tracking

Charles Woodson joining ESPN's 'Sunday NFL Countdown' team

A’s land Khris Davis from Brewers for prospects

Family of deceased Kyle Field construction worker awarded $53 million by jury

Chris Bosh to miss All-Star Game with calf injury, Al Horford to replace

NBA commissioner Adam Silver supports bringing sports betting in to the light

Why the Virginia Cavaliers are a National Championship contender

Cardiff City owner tells team to shoot more, because ugly men can marry beautiful women

Report: American Pharoah will make $35 million as stud in 2016

City hosts Tottenham in Valentine’s Day clash

Ranking the ten best free agent pitcher signings

Is there a place for Aaron Hill with the Brewers?

The market for forwards may shape the NHL trade deadline

Who had the best NBA All-Star Game of the last 40 years?

The winners and losers of the 2016 MLB offseason

The most intriguing NBA story lines for the rest of the season

Report: Timberwolves ‘lament’ Andrew Wiggins missing weight-lifting sessions

Kevin Durant to the Warriors makes little sense

City of Atlanta, Braves fighting over iconic Hank Aaron statue

NBA News
Delivered to your inbox
You'll also receive Yardbarker's daily Top 10, featuring the best sports stories from around the web. Customize your newsletter to get articles on your favorite sports and teams. And the best part? It's free!

By clicking "Sign Me Up", you have read and agreed to the Fox Sports Digital Privacy Policy and Terms of Use. You can opt out at any time. For more information, please see our Privacy Policy.
the YARDBARKER app
Get it now!
Ios_download En_app_rgb_wo_45

Ranking the ten best free agent pitcher signings

Who had the best NBA All-Star Game of the last 40 years?

The winners and losers of the 2016 MLB offseason

On Kobe Bryant and taking greatness for granted

Bucks need to choose between wins, development

Fantasy booking WrestleMania 32

Unrestricted free agents each team must consider re-signing

QUIZ: Name the winners of the NBA Slam Dunk Contest

Thank you Daniel Bryan

The timeless greatness of Jaromir Jagr

Today's Best Stuff
For Publishers
Company Info
Help
Follow Yardbarker