Grizzlies' Sale Finalized

May 9, 2000 / 6:15 PM EDT / CBS/AP

Michael Heisley officially became the owner of the Vancouver Grizzlies on Thursday.

Final details of Heisley's $160 million purchase of the NBA team from Orca Bay Sports and Entertainment were completed Thursday. The Grizzlies are now owned solely by Hoops L.P., a company owned by Heisley, a Chicago businessman who has made millions turning money-losing businesses into profitable ventures.

Heisley said he expects to lose $25 million next season but wants to see the team back on its feet financially soon.

"I can afford to lose it for a long time," he said. "How long am I going to lose it? Not very long. I don't run my business to lose $25 million a year forever. That's the reality."

Heisley hopes to announce soon a new vice-president of business who will be called upon to boost ticket sales and corporate sponsorship.

On Wednesday, Heisley announced Vancouver's new management team.

Dick Versace, a former NBA coach and broadcaster, assumed the president's role while Billy Knight, a senior vice-president with the Indiana Pacers, became the club's new general manager.

Former NBA coach Chuck Daly will act as a consultant.

At the same time, several executives of the former regime Noah Croom, the assistant general manager, Larry Riley, director of player personnel, and assistant coach Jack Nolan were all fired.

Orca Bay, owned by Seattle businessman John McCaw, still owns the NHL's Vancouver Canucks and GM Place. Heisley and Orca Bay have reached a lease agreement for the Grizzlies to play at GM Place.

Even though the Grizzlies set a franchise high for wins last season, they still finished with a 22-60 record. During its five-year NBA existence, Vancouver has a 78-300 record.

Coach Lionel Hollins, an original member of the Grizzlies, was fired Monday. Stu Jackson, the franchise's first president and general manager, resigned Tuesday to take a front-office job with the NBA.

Heisley said he's hired three people to replace Jackson and ease the workload.

"In my opinion Stu Jackson had more on his table than probably was fair," he said.