Grizzlies owner Michael Heisley has instructed his attorney to stop negotiating with billionaire Larry Ellison about a potential sale of the franchise, reports Ronald Tillery of the Memphis Commercial Appeal. Ellison made "repeated overtures" about moving the team, something Heisley is looking to avoid at all costs.
"We’re not even considering Ellison," the Grizzlies owner said. "This team cannot be moved."
Ellison recently had exploratory talks about buying the Grizzlies, inquiring for at least the third time about buying the team. The Oracle founder and CEO is reportedly interested in bringing an NBA franchise to San Jose, but if Heisley sells his team, he intends to find a buyer who will keep the team in Memphis.
Heisley, who is seeking $350MM, acknowledged to Tillery that another suitor is in the mix: "But I don’t know how if he’s serious. I think I’ll own the team for a while."