Post-Sonics Watch - Grizzlies for sale to highest bidder

Keeping an eye on the NBA and Seattle's efforts to get back into the game

Friday, March 28th, 2008

Posted by Eric Williams @ 12:07:20 pm

This article in Thursday’s Memphis Commercial Appeal points out the Grizzlies’ local, minority ownership group owns only 5.8 percent of the team, which gives Majority owner Michael Heisley the ability to sell the team to another perspective owner – like the private investors in Seattle looking for an NBA team to play in KeyArena should the Sonics leave.

Heisley reportedly has already turned down a $300 million offer from the local group in Memphis to purchase the team. However, the Grizzlies have a long-term lease agreement to play in the FedEx Forum until 2016, and any potential owner of the Grizzlies would have to pay a hefty penalty for leaving, estimated at least $100 million.

The Grizzlies moved to Memphis from Vancouver in 2001, and are at the bottom of league attendance numbers.

Here’s some more analysis on the situation.

And here’s my story from today on NBA Commissioner David Stern’s latest comments, along with Former U.S. Senator Slade Gorton’s recent comments about the arena situation in Seattle.

Categories: NBA • 8 comments

COMMENTS:

Comment by moo @ 15:26 - Friday, March 28th, 2008

I'd rather see Bennett buy Memphis & Ballmer get the Sonics.

Comment by damnitgetmybeer @ 17:48 - Friday, March 28th, 2008

No the Grizzlies will move back to Vancouver

Comment by BigPurpleDawg @ 19:52 - Friday, March 28th, 2008

FIGHT THE FIGHT; SAVE OUR TEAM!!! THE SEATTLE SUPERSONICS.

Comment by docpepsi @ 21:08 - Friday, March 28th, 2008

Maybe Ballmer can buy the Grizzlies, and Seattle will have 13 years to get a new arena, lol

Comment by moo @ 21:27 - Sunday, March 30th, 2008

You know what's really sad, even though this may be the last year we have the Sonics THEY ARE SO GOD AWFUL THAT I CAN'T WAIT FOR THIS SEASON TO END.

I HATE CLAY BENNET & HOWARD SHULTZ. I despise them.

Comment by docpepsi @ 22:14 - Sunday, March 30th, 2008

I had really mixed feelings about how this season would go. I was really excited the Sonics drafted Kevin Durant. But then I got pissed when they traded away Ray Allen to get the number 5 pick. Nothing against Jeff Green, he is a great guy, and may become a good player, but getting rid of the star of the team really hurts. I hope all this losing doesn't hurt Durant long term. Rashard Lewis was a good player, but not worth the crazy money Orlando is paying him. Hedo Turkoglu performs basically the same as Rashard, and at roughly half the price. I think Gay Bennett really wanted the team to suck this year so there would be less resistance from Seattle to let him buy out the remaining 2 years of the lease.

Comment by T-towngrit @ 22:59 - Sunday, March 30th, 2008

I'm with you docpepsi...I really wanted to cheer for the Sonics this year, but my strong distaste for the ownership just causes me to almost like it when they lose. I find myself just wanting them to lose..anything to make Bennett look bad. I feel sorry for guys like Ridenour and Collison who have been here for a while and seen the good times. It's just sad because just when you think it is your team...the bad owner comes along and trades your favorite players, dangles a state-of-the-art arena in front of your face and then bails for the midwest. Then you realize pro sports is a business...

Comment by docpepsi @ 23:00 - Tuesday, April 1st, 2008

I hate Clay Bennett for stealing our team, and I have equal hate for Howard Shultz for selling the team without even trying to find local buyers. Oh well, I just piss off all those idiots by wearing my Portland Trailblazers shirts and hats!

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Post-Sonics Watch

Feeling lost without your Seattle SuperSonics? Seattle-area NBA fans face their first season without an NBA team in 41 years. Primarily, our coverage here will focus on the City of Seattle’s attempt to bring the NBA back to Seattle. But we also will provide updates on the Portland Trail Blazers, the Oklahoma Thunder and Seattle-area players plying their trade for other teams in the NBA.

Eric Williams covered the Sonics' last season in Seattle. A Tacoma native, Eric graduated from Mount Tahoma High and the University of Puget Sound.

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