League update on proposed purchase of Memphis Grizzlies
Joel Litvin, NBA President, League and
Basketball Operations, issued the following statement today regarding
the proposed purchase of the Memphis Grizzlies:
“The NBA has not yet received from Messrs. Davis and Laettner sufficient
information to conduct our review of their proposed purchase of the
team, in accordance with NBA rules. Among other things, and despite
numerous requests from the NBA, we have not been provided with important
information about other potential investors, including the sources and
amounts of funding that they would supply.
“In addition, based on the limited information that we have received, it
appears that certain elements of the transaction would not comply with
NBA rules. As a result, and contrary to their public statements, the
NBA is not taking any action at this point with respect to the proposed
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