Former Duke basketball player Brian Davis has reached an agreement to purchase Michael Heisley's 70 percent majority share of the Memphis Grizzlies, a source familiar with the deal told the Memphis Commercial Appeal.
According to the newspaper, the NBA is expected to review the agreement this week. The source told the newspaper that the contract to sell the Grizzlies estimates the team's value at $350 million.
Local ownership, which combines for a 30 percent share of the team, has the right to match the offer to purchase the team. The newspaper reports that Heisley's limited partners have 30 days to respond to Davis' offer from the point they receive official notification.
The Commercial Appeal, citing team insiders, reported that the Grizzlies lost more than $40 million following the 2005-06 season, spurring Heisley to try to sell his majority share.
If he is successful in purchasing the majority share of the Grizzlies, Davis reportedly plans to eliminate team president Jerry West's position in a cost-cutting measure, according to the newspaper.