Monday, March 26, 2001
Memphis getting NBA Grizzlies
Louisville loses out, report says
The Associated Press MEMPHIS, Tenn. - Supporters were optimistic that Memphis would be chosen today for the new home of NBA's Vancouver Grizzlies. But Louisville officials haven't lost hope.
Monday was the deadline for team owner Michael Heisley to apply for relocation for next season.
The New York Times reported Sunday that barring a last-minute change of heart, Heisley had decided to move his team to Memphis.
Louisville, New Orleans and Anaheim, Calif., are the other finalists for the financially troubled team, although the Orange County (Calif.) Register on Saturday said the Grizzlies had told Anaheim officials they were out of the running.
“It's coming down to the wire,” said attorney Ed Glasscock, who has been involved with negotiations to bring the NBA team to Louisville.
Memphis, with a metro population of slightly more than 1 million and a TV market ranked 54th nationally, would be the smallest city in the NBA. However, a SportsBusiness Journal survey rated it ahead of Louisville and New Orleans as a location for the team. Louisville would also be the league's smallest city.
Both Memphis and Louisville had a team in the old American Basketball Association in the 1970s.
“Even though we're optimistic Memphis will be the selected city, we continue to have the business issues, the municipal issues and the corporate sponsorship issues,” said Marty Regan, attorney for a group seeking the team.
“This is an ongoing process,” he said Sunday. “Given the complexity of the entire deal, there are large challenges, and those type challenges are going to continue through the next several months.”
An NBA committee will have 120 days to study Heisley's relocation application before making a recommendation to the league's Board of Governors.
“When (Monday) comes and goes, that by no means means we've resolved everything,” Regan said.
Regan wouldn't discuss details of unresolved issues Sunday but said, “Things are continuing to go smoothly.”
AutoZone founder J.R. "Pitt' Hyde III leads the local investor group seeking a large minority share of the team. Heisley has said that share could approach 50 percent.
The Memphis bid also features a proposal from Memphis-based FedEx Corp. to buy team and arena naming rights from Heisley.
Tricon Global, the parent company of KFC, Pizza Hut and Taco Bell, has made a similar offer in Louisville. Tricon wants the team renamed the Kentucky Colonels and the arena called the KFC Bucket.
During arena construction in Memphis, the Grizzlies would play a projected two seasons in The Pyramid, where the University of Memphis plays its home games. Opened in 1991, it seats about 20,000 for basketball.
If they came to Louisville, the Grizzlies would play most of their home games in Freedom Hall, the home of the Louisville Cardinals, until the proposed $200 million arena is built.
Tennessee Gov. Don Sundquist, formerly of Memphis, had pledged state support for an arena comparable to what the state gave Nashville to help build Adelphia Coliseum for the Tennessee Titans.
Louisville's plan calls for a special taxing district around the downtown arena site to help pay for its construction. Kentucky Gov. Paul Patton also said his state would help.
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Memphis getting NBA Grizzlies
