According to recent story from the Memphis Commercial Appeal, Larry Ellison, CEO of Oracle Corp. and the third richest man in the U.S., is interested in buying the Memphis Grizzlies and is intending to move the team to San Jose if he acquires the team.
Said the story:
Team owner Michael Heisley on Saturday 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.
Ellison has previously tried to buy an NBA team — first it was the Golden State Warriors, then the New Orleans Hornets. Ellison offered $350 million for the Hornets, the same price that Grizzlies owner Michael Heisley is asking for.
Ironically, the Warriors currently play at Oracle Arena in Oakland. However, for the Grizzlies to be moved before 2021, the new owner would need approval from both the NBA and the city of Memphis.