Grizzlies Sell for $377 Million

 
According to the Commercial Appeal, Michael Heisley has sold the Memphis Grizzlies to Robert Pera for $377 million.  Heisley originally bought the franchise for $160 million in 2000, which means that he gained a profit of $217 million. 
 
NBA owners may complain about losing money each year, but their assets (teams) never depreciate in value - they only increase each year.  So, the next time owners complain about players making too much money, they need to remember that they are the one’s in the top 1%, not the players.