--The Grizzlies' local minority-share partners, unsuccessful in a latest effort to buy out absentee majority owner Michael Heisley, said they've instead had their share of the franchise reduced.
In dropping from a 30 percent stake to what sources said is now 5.8 percent, they've also lost their right of first refusal to buy the team in the event that Chicago-based Heisley accepts another offer. The local group, in a statement, said it made a "competitive, market-rate offer to buy the entire team" -- an amount sources said was $300 million. Local partner J.R. "Pitt" Hyde III wouldn't disclose the amount but said it was "a higher offer than what we had offered before."
The offer was made after Heisley made a capital call on the locals, in whom the Memphis partners were to pay a share of the team's "continuing cash losses," the statement said -- or see their ownership percentage drop, as outlined in their agreement with Heisley.
"This is a private matter between the ownership group, and I have no comment," Heisley said.
The city of Memphis and Shelby County have an iron-clad contract that ties the team to FedExForum for the building's first 17 seasons, or through 2020-21.
The team's agreement with the city and county, in an amendment forbidding relocation in the first 17 seasons, says that a breach will "absolutely, irreparably and continually harm (the city and county), for which money damages may not be adequate or determinable." A termination payment schedule, with a sliding scale that decreases each year, calls for a fee of $105.4 million between Nov. 1, 2009, and Oct. 31, 2010. The payment doesn't fall below $100 million until Nov. 1, 2012.
--Friday night was to be Pau Gasol's first game against his old team, the Grizzlies, but Gasol is still nursing a sprained ankle. The ankle, though, didn't stop Gasol, traded to the Lakers, about talking about the futility of the franchise that drafted him.
"No matter what, the Grizzlies aren't going to be able to put themselves in position to win a championship," Gasol said. "I don't think that's ever going to happen. I think it's just the way it is. We just couldn't do it. We had Jerry West as a GM. If you can't do it with Jerry West, I don't think there's many ways you can. We had Hubie (Brown) and Mike Fratello -- good coaches. It wasn't enough. I don't think the Grizzlies will ever have enough to be at that highest level. There's a lot needed."
QUOTE TO NOTE: "Road win, playoff team, Kobe (Bryant) going off... We played so well together. We just don't want to lose. We're not trying to give up on anything." -- Guard Rudy Gay, on the Grizzlies' surprising victory over the Lakers, overcoming a 53-point effort by Bryant.
