George Lapides reported on the individual contributions of investors in the new Grizzlies ownership group this morning on his radio show on Sports 56 WHBQ-AM. Based on independently obtained information, I can verify the Lapides report.
The breakdown, as I understand it and as Lapides first reported, is this:
Robert Pera $45 million/25.6%
SKMG LLC (Steve Kaplan group) $25 million/14.22%
Bridge Sports LLC (Daniel Straus group) $25 million/14.22%
Staley Cates $8.5 million/4.84%
Pitt Hyde $8.5 million/4.84%
Hand Family Hoops LP $5 million/2.84%
Elliot Perry $5 million/2.84%
Edward Dobbs $5 million/2.84%
Ashley Manning $5 million/2.84%
Bullish Bears LLC (Michael Wharton group) $5 million/2.84%
Joe Nicosia $5 million/2.84%
Billy Orgel $5 million/2.84%
Michael Savit $5 million/2.84%
Tennman Sports, LLC (Justin Timberlake group) $5 million/2.84%
CFR Memphis LLC $3 million/1.71%
Bill Rhodes $3 million/1.71%
Duncan Williams $2.5 million/1.42%
Anfernee Hardaway $2.5 million/1.42%
Bear Cub LLC (Doug Edwards group) $2.5 million/1.42%
Pace Cooper $2 million/1.14%
Wilson Bros. LLC $2 million/1.14%
Al Gosset $1 million/.57%
Harold Ford Jr. $250,000/.14%
- LARRY KUZNIEWSKI
- Robert Pera
You’ll notice that this doesn’t add up to the previously reported $377 million purchase price for the team.
That published price includes $168.4 million in assumed debt and other obligations, so the actual price paid to Heisley is $209 million.
The new owners are paying an additional $16.75 million in operational capital. Adding the $377.4 million purchase price and the $16.75 million in additional funds gets you to roughly $394 million. Subtracting the assumed debt/etc. brings the number down to roughly $225 million. You’ll notice (or not) that the equity investment above amounts to $175 million. The roughly $50 million difference comes from a new loan first reported by Kyle Veazey of the Commercial Appeal.
