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 is usually the guy handing out chasedown blocks. He’s famous for them, and has carted out his signature move in the biggest moments of his career.
He’s also not used to having his own shots blocked from behind, and certainly not by opposing point guards.
Enter Elfrid Payton.
During a play halfway through the first quarter against the Orlando Magic on Thursday, LeBron was on a drive to the hole with Elfrid trailing far behind.
Thanks to a pinch by two Magic defenders, LeBron had to try and use brute force a bit deeper in the paint than he wanted to.
That allowed Payton — running at full speed — to catch up and pin The King on the glass.
Cleveland still got the best of the Magic, as Isaiah Thomas hit a clutch free throw to win the game with 11 seconds left, 104-103.
For about as long as we can remember, Joel Embiid has famously thirsted after Rihanna on Twitter. Fans have tried to boost his standing with the singer, but it apparently that has not been enough.
In 2014, Embiid mentioned on social media that a “famous girl” — presumably Rihanna — told him to “Come back when you’re an All-Star.”
Well, today is that day.
Embiid is a starter out of the Eastern Conference, and on Thursday night he had his chance to speak to Rihanna (or whomever) via national TV on TNT.
Did Embiid decide to reach out to this famous person? Apparently he’s off it.
This is like that scene from Private Parts when Howard Stern hits No. 1 and he tells Paul Giamatti’s character to get lost.
Embiid had the chance to curve Rihanna (or whomever) and took it. Long live The Process.
NBA All-Star voting is over, and now we have the results. The starters are in, and what’s left is for us to wait until they announce the teams after they are picked in double secret ceremony.
Of course, the NBA did release the full voting results via their PR website this week, and as such there are some head scratchers. My boy Patrick Redford over at Deadspin did an excellent job rounding up some of the players who got exactly one (1) vote from other players.
The gag here is that these guys presumably voted for themselves.
Of course, what I found most interesting was actually the guys who got multiple votes from their compatriots without being All-Star caliber players.
My favorite list of player-voted non-All-Stars includes: Michael Beasley (4), Gordon Hayward (2), Boban Marjanovic (2), Jahlil Okafor (4), Quincy Acy (2), Tyler Zeller (4), T.J. McConnell (2), Elfrid Payton (2), Zaza Pachulia (3), Taj Gibson (6), Zach Randolph (5), Maurice Harkless (2), Deyonta Davis (3), Lonzo Ball (9), Mike Conley (3).
There’s a whole smattering of guys in there who either didn’t play enough, aren’t stars, are injured, or who aren’t very good.
That multiple players took time to vote for these guys really speaks to the frivolity of the NBA All-Star Game. At least outside of player contract incentives.
Bring on February!
LeBron James is one of the best passers the NBA has ever seen, but even this is too hard to believe.
During Thursday’s game between the Orlando Magic and Cleveland Cavaliers, LeBron through a ridiculous behind-the-back pass that nutmegged Orlando’s Aaron Gordon.
The result of the play was a bucket for Dwyane Wade.
I mean, that’s just … insane.