Larry Ellison Wants to Buy & Move the Grizzlies to San Jose

[Stannis]

Larry Ellison Approaches Grizzlies About Purchase, Move To San Jose

Californian Larry Ellison, ranked as the third-richest person in the U.S., has inquired about buying the Memphis Grizzlies with apparent hopes of moving the team to San Jose.

But majority team owner Michael Heisley today downplayed the possibility of a sale - and of a relocation, citing a lease that ties the franchise to Memphis and FedExForum until 2021.

"I can't downplay it enough. If it happens I'll be surprised," said Heisley, a Chicago-based billionaire who added that talks had not become serious. "It's in the initial stages. We've handled this just like we've handled several other dozen requests. My situation in Memphis has not changed a lick. My preference will always be for somebody in Memphis to buy the team. There's not any interest in Memphis. But we've always made it known that if somebody wants to buy the team, we'll listen. If they're real buyers we'll probably be sellers. So far there hasn't been anyone willing to buy the team under my terms and for my price."

Ellison, CEO of software giant Oracle Corp., is worth $36 billion, according to Forbes. He has made unsuccessful attempts to buy the NBA's New Orleans Hornets and Golden State Warriors. Ellison has inquired about the Grizzlies before over the past five years.

Source: SBNation

Other Sources:
MercuryNews
HoopsWolrd

[Stannis]

Well, he has already failed to buy the Hornets (a team that does not even have a owner) and the Golden State Warriors. He wants to move the Grizzlies to San Jose, not sure if California needs another NBA team. Not sure how the Grizzlies fan base in San Jose will compete with the other four California teams (Lakers, Clippers, Warriors, King). They will likely have a much weaker fan base than the Memphis Grizzlies.

The only thing that does scare me is that Larry Ellison is the 3rd richest person in the United States. He could throw plenty of money towards Michael Heisley and make an offer he cannot refuse.

[GrizzledGrizzFan]

Nothing we can do but wait and see.

[dark-child]

Local owners still have the right to match any offer so L.E. has to make an offer that they would be loathe to match and then pony up more than 100 million to break the lease to move the team, and still the NBA would have to approve the move which is not a guarantee. Heisley is seeking 350 million for a franchise worth between 300 and 320 so paying close to 500 million total is probably too much to swallow even if you are worth 36 Billion. It is not a good deal if your intention is to move the franchise.

[jman3134]

Let's hope this doesn't happen.....

[kombayn]

I don't want to see Memphis lose their team but the NBA could be supported in Anaheim, San Diego and San Jose. The corporate base is there and the Grizzlies are a solid team that would get instant credibility with the city by winning. They can capitalize on the Warriors woes.

[HangTime]

If the Grizzlies are going to be moved, they should really consider moving back to Vancouver.

The mid-late 90s was just a bad time for Vancouver to get a team.
-the Canadian dollar was weak, I believe it was roughly $1 CDN = $0.61 USD.
-the GM was horrible
-New owner Heisley said he'd keep the team in Vancouver, but he didn't
-David Stern said he made a mistake of letting the Grizzlies go

New Orleans got a 2nd Chance with the Hornets, 22 years later.
Charlotte got a 2nd chance with the Bobcats, 2 years later.

Vancouver needs it's 2nd chance, and I am positive it'll stick the 2nd time around.

If not the grizzlies, than it should be the Hawks
----

Also, Seattle needs a team again.

Relocate:
Hawks to Vancouver
Hornets to Seattle

Memphis moves to the Eastern Conference

Pacific Division
Vancouver (Hawks)
Seattle (Hornets)
Portland
Golden State
Sacramento
Lakers
Clippers
Phoenix

Mid-West Division
Minnesota
Oklahoma City
Denver
Utah
Dallas
Houston
San Antonio

Atlantic Division
New York
Brooklyn
Boston
Philadelphia
Washington
Orlando
Miami

Central Division
Chicago
Toronto
Memphis
Detroit
Indiana
Cleveland
Milwaukee
Cleveland

[vanjulio]

Relocate the Hawks?

The Grizzlies have a long deal with the city not to move I think.

Heisley downplayed ...citing a lease that ties the franchise to Memphis and FedExForum until 2021.

The Grizzlies to be moved they'd have to pay through 2021 per terms of the lease so you'd have to have extremely deep pockets to move them before that and it would just not make sense.

I would move the Bobcats to Las Vegas and the Kings to Seattle. Eventually you could move the THunder to Vancouver (or San Diego?) once they fold. San Jose is not good enough for an NBA team, why not just go to San Juan Puerto Rico or Honolulul?

[SD2042]

If the Grizz were to move elsewhere that would leave taxpayers to foot the bill for FedEx Forum. Although the Tigers would still play there,the city would lose money that the Grizz are drawing into the city's economics.

No go on San Jose.

Economically speaking, is Cali still going broke?

[GrizzledGrizzFan]

Ellison whiffs again, for now.

http://www.commercialappeal.com/news/20 ... ppeningnow

[dark-child]

Heisley put the kabosh on this when I am sure his legal team let him know that he could also be apart of a lawsuit brought by the city aganist a new owner who attempts to move the team prior to 2021 and he knew this prior to the sale.

The language in the lease clearly states that the city would suffer harm that no amount of money could remedy if the team was moved prior to 2021 so all parties involved with breaking the lease could and would be subject to the lawsuit.