Heisley announces agreement to sell Grizzlies

By Teressa M. Walker/The Associated Press

Memphis Grizzlies majority owner Michael Heisley says he has an agreement to sell his NBA team to a group headed by California billionaire Robert J. Pera.

Heisley announced the agreement Monday afternoon after reports that he finally had found a buyer for the team he moved from Vancouver to Memphis in 2001.

The sale is subject to approval by the NBA Board of Governors and other conditions.

Heisley bought the Grizzlies in 2000, moved the team to Memphis and into the FedExForum in 2004. The Grizzlies are coming off their two best seasons in franchise history.

ESPN.com reported the sale would be for approximately $350 million. Heisley had a deal in 2006 to sell his share of the team for $252 million.