Michael Heisley bought the team in 2000 for $160 million. In January of this year, Forbes estimated the Memphis Grizzlies to be worth $269 million.
Monday the sale of the Grizzlies from Heisley to Robert Pera became official — at a price of $377 million, according to the Commercial Appeal.
For those of you scoring at home, that is a $217 million profit in 12 years, and if you adjust for inflation (using CPI) it comes to $162 million.
Just remember that next time an owner cries poverty about the tax line or how they are losing money.
But this is good news for the Grizzlies — Pera and his minority owners are now in charge of the franchise. The NBA Board of Governors (made up of the owners) approved the sale last week.
Pera has recruited a wide range of investors to join his bid, including local businessmen such as AutoZone founder J.R. “Pitt” Hyde, investor Staley Cates, financier Duncan Williams, investor Edward Dobbs and cell phone tower developer Billy Orgel. Performer Justin Timberlake, who has Shelby County roots; Memphis native Ashley Manning and her husband Peyton Manning, the NFL and former University of Tennessee quarterback; Tiger basketball legends Penny Hardaway and Elliot Perry; and former Congressman Harold Ford Jr. are also part of Pera’s ownership group.
Pera also agreed to a three-pronged proposal of safeguards that essentially binds the team in Memphis for another 15 years.
It’s impossible to tell how Pera’s ownership will impact what is a good team on the court and the direction they chart for the future. But Heisley was not considered a good owner for most of his term and came into a winning team and fortune on the court the past couple of years. It will be interesting to see what direction Pera will chart from here, and how he will influence front office moves.
Bottom line, an energetic new owner who is locked in to staying in Memphis is good for the city and good for the NBA.
LeBron James totally dissed New York Knicks guard Frank Ntilikina. Or maybe he was just complimenting Dennis Smith Jr., and Enes Kanter likes to get in the middle of things? Or perhaps it was a barely-veiled shot at former Knicks president Phil Jackson?
No matter which way you view this little NBA drama, there’s some kind of silver lining to take away for New York after LeBron got a little too close for comfort with Ntilikina during a recent matchup with the Cleveland Cavaliers.
According to Knicks coach Jeff Hornacek, that silver lining is how well Ntilikina, Kanter, and the rest of the squad did when standing up to James.
Via the NY Post:
“I thought it was great,’’ he said on the newest edition of “The Jeff Hornacek Experience” that debuts Friday night on MSG Networks after the Knicks face the Raptors. “When we played back in the day, there was a lot of that. So you don’t see as much now in today’s game.
“But, you know, whether the comments from LeBron were aimed at Frank or the Knicks or Phil [Jackson] or whatever it was, I was happy that Frank gave him a little shove and then when LeBron stood in front of him and Enes jumped in there. That’s kind of the chemistry that gets developed when guys are playing for each other. You saw Enes jump right in the middle of this and said, ‘Nah you’re not gonna do this to my young guy.’ So that’s a great sign to see the togetherness of our guys.”
So to recap:
1. LeBron was taking a shot at Phil.
2. Enes Kanter didn’t like that.
3. Jeff Hornacek likes that.
Clear? Ok, good.
Joel Embiid has a reputation around the league already, and for good reason.
The man who continuously lobbied Rihanna to give him a chance for a date has other NBA players hoping they beat the Philadelphia 76ers just to avoid Embiid’s trash talking.
Indeed, the Golden State Warriors beat Philly on Saturday night, 124-116, thanks in part to a huge rally in the second half. A 22-point deficit had to be overcome for Golden State, and not just to add to their win column.
The team also wanted to sidestep Embiid’s silver tongue:
Both Draymond Green and Kevin Durant said they wanted to keep Embiid at bay. Durant’s comment was particularly funny, and can be seen in the video at the top of the article (fair warning, Durant used some NSFW language).
The Process is now The Reputation.
One of the NBA’s more under appreciated forwards has announced his retirement from the NBA.
David Lee, who spent time in his career with the New York Knicks, Golden State Warriors, Boston Celtics, Dallas Mavericks, and San Antonio Spurs, told the NBA world about his retirement via his Instagram page on Sunday.
Lee, 34, played last season with the Spurs. He averaged 7.3 points, 5.6 rebounds, and 1.6 assists for Gregg Popovich’s team.
Lee played 14 seasons in the NBA, the majority of which came with the Knicks. During his time in New York, Lee was seen as an unsung hero, nabbing rebounds and doing yeoman’s work from the power forward position.
The Knicks traded Lee to Golden State in the summer of 2010 for Kelenna Azubuike, Anthony Randolph, Ronny Turiaf, and two second round picks. He was part of the Warriors’ 2014-15 NBA Championship before eventually being traded to Boston in 2015.
We were all waiting for supposed “good news” about injured Philadelpia 76ers guard and No. 1 overall pick Markelle Fultz. And it looks like we’ve got it? It’s hard to tell with this one.
On Sunday, the Sixers announced that Fultz — suffering from a sore right shoulder — would be re-evaluated in two to three weeks.
That’s at least some kind of timeline, which is more than we got when Fultz was originally ruled out indefinitely at the end of October.
Here’s the announcement from the Sixers.
Fultz has reportedly been working out and shooting left handed, which one can only hope is adding to his dexterity.
No doubt Sixers fans just want to see him on the court again as quickly as possible. The saga of the imbalanced shoulder has been a strange one, we’ve all got our fingers crossed that it settles normally.