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.
OKLAHOMA CITY (AP) — Russell Westbrook had his seventh consecutive triple-double Friday night in the Oklahoma City Thunder’s game against the Houston Rockets, the longest streak since Michael Jordan had seven straight in 1989.
Westbrook got his 10th rebound with 7:46 left in the fourth quarter. He already had 16 points and 10 assists. Westbrook finished with 27 points, 10 rebounds, and 10 assists.
The Thunder won the first six games during his streak, however they fell to James Harden and the Rockets 102-99. Harden was one rebound short of his own triple-double.
It was Westbrook’s 12th triple-double of the season and the 49th of his career. He is the NBA’s active leader in the category and ranks overall.
Jordan’s streak came during a run of 10 triple-doubles in 11 games.
NEW YORK (AP) — The NBA has denied the Toronto Raptors’ protest of their 102-99 loss to the Sacramento Kings on Nov. 20.
The league announced the decision Friday.
Toronto argued that the game officials incorrectly called for an instant replay review of whether the Raptors’ Terrence Ross released a 3-point shot prior to the expiration of actual time remaining.
The Replay Center official reviewed video of the play using a digital timer and determined the actual time remaining in the game expired before Ross released his shot, and the shot therefore did not count.
The league found that calling for an instant replay review in this case was consistent with the playing rules because the game officials determined that there was a clock malfunction.
Nobody can stop the Zeller brothers!
Well, that’s not exactly true. But in this case, Bismack Biyombo tried and Cody Zeller threw it down with authority over him.
I’m not starting a “Cody Zeller for the dunk contest” campaign, but this was impressive.
Pop quiz: Which team complains the most to the referees in the NBA?
You probably answered “the Clippers.” Most fans do. So do most NBA referees — And everyone else. Which is why after a recent loss to Golden State, veteran Marreese Speight (a Warrior last season) pointed to the Clippers complaining about the officiating as part of the problem.
He went on to say that the scouting report is you can get in the Clippers’ heads by knocking them around a little. Which seems pretty obvious when you watch teams play them. Shockingly, Clippers coach Doc Rivers disagrees with that. Via NBCLosAngeles.com.
“The officiating thing, I don’t think, is our issue. I will say that,” said Rivers about the technical fouls. “If that were the problem, then, Golden State would be struggling. They’ve been No. 2 the last two years in techs, too. I think we need to point fingers in another direction than that.”
Doc may not like it, but Speights is right.
The Warriors do complain too much, but they also have a ring so more is forgiven. The problem for the Clippers is that reputation for complaining starts with Rivers — he complains as much or more than any coach in the league. Then it filters down through Chris Paul and Blake Griffin.
Is it fair that more is forgiven with winning? Moot question. Welcome to America. The Clippers complain a lot and have yet to get past the second round with this core. And at times there standing there complaining to the referees does get in the way of them getting back into defense, and they seem to go in a funk.
Want to prove all that wrong? Win. In the playoffs.