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.
Kings general manager Vlade Divac said keeping George Karl as coach was right move “for now.”
How long is “for now”?
Shaquille O’Neal, a Kings minority owner, shares insight.
Sam Amick of USA Today:
This would mean a little more if Vivek Ranadivé weren’t prone to wild swings. Remember, the Kings said Tyrone Corbin would finish last season as coach before firing him for Karl.
Divac also said in November that Karl would coach the rest of the season, and that came up for debate fewer than three months later.
Shaq’s revelation is as likely to embarrass the Kings in a few weeks as it is to signal Karl’s job security.
LeBron James did it and shook up the NBA — he returned home to Cleveland. That has led to fantasies other players want to do the same thing: Kevin Durant back to Washington D.C.; DeMar DeRozan or Russell Westbrook back to Los Angeles; Blake Griffin back to Oklahoma. And the list goes on.
Not every player wants to do it.
Chauncey Billups did. Billups is a Denver guy who returned to play for the Nuggets — he gets his number retired Wednesday night in Detroit, a much-deserved honor — but in a letter to his young self at the Players’ Tribune Wednesday he explained that going home is fraught with peril.
“But in reality, playing at home as a 23-year-old professional is going to be less blessing and more curse. (There’s perception, again, for you.) It’s as simple as this: you’re just not going to be ready for Denver to be Your City. You’re going to think you’re ready — and they are too — but, trust me, you won’t be. You’re still going to be so young. You’re still going to be hanging out with your boys, doing your old thing. There are going to be those … hometown distractions. And those distractions will add up.”
“And you have to understand, Chaunce: It’s not just that you made it. It’s that your whole neighborhoodis going to feel like they made it. All of Park Hill is going to feel like they made it. And don’t get me wrong — that’s special. But at the wrong age, it can also be tough. It can be a lot to handle. And you’re going to be at that wrong age. You’re not going to be mature enough yet, or developed enough yet, to take on that mix of environments, those responsibilities, that role.
“You’re not going to be ready to lead.”
There are plenty of guys around the NBA who understand those distractions and how those can get in the way of off-season workouts, of time spent shoring up a weakness or developing a new shot, and how during the season they can be another thing that wears the body down.
Some guys can handle it. Some can’t.
Go read the entire letter from Billups. He talks about getting traded from the Celtics his rookie season, about playing for Mike D’Antoni, about how very rarely do veterans want to mentor younger players because they are fighting for the same piece of the pie. Billups is honest.
And it’s great that Detroit is rewarding him as they should.
Leandro Barbosa – guarding Marcus Thornton and fighting through a Clint Capela screen – was called for a foul in the first quarter of last night’s Warriors-Rockets game.
Thornton went to the line.
Should he have? Or should Capela have?
Perhaps, Thornton and Barbosa tangled, but it certainly appeared the contact primarily occurred between Barbosa and Capela. It looks like Barbosa tries to ram through Capela.
It also appears Capela thought he drew the foul. Watch him step toward the line before seeing Thornton there and taking his spot along the paint.
So, why would Thornton step in? He’s making 89% of his free throws to Capela’s 40%.
I’m honestly surprised players don’t try this maneuver more often. Refs have so much to keep track of. The worst consequence would be the refs shooing away Thornton and bringing Capela to the line.
Thornton made both free throws, but it didn’t matter. Houston was playing Golden State, which rolled to a victory.
Kanye West – when he isn’t tweeting to invalidate the claims of dozens of women on nothing more than his own suppositions – is tweeting to Michael Jordan
Mark Parker is CEO of Nike, a company that collaborated with West on the Air Yeezy before an unhappy West bolted for Adidas. Jordan, of course, is a Nike ally and known for the Jumpman logo on his brand.
That’s why Kanye rapped in “Facts:”
Yeezy, Yeezy, Yeezy just jumped over Jumpman
Yeezy, Yeezy, Yeezy just jumped over Jumpman
We bring you the important news.
(hat tip: Jovan Buha of Fox Sports)