VANCOUVER, British Columbia -- Chicago billionaire Michael Heisley is making the Vancouver Grizzlies his latest rebuilding project.
Heisley, who made his fortune buying struggling companies and turning them around, purchased the Grizzlies for a reported $160 million on Monday. And already he is being hailed for ushering in a sense of stability to a team that has struggled both on and off the court over its five-year history."Mr. Heisley wants to keep the team (in Vancouver), that's good," said Grizzlies star player Shareef Abdur-Rahim, who learned of the news while preparing for a game in Denver. "That stabilizes things. It lets the fans know that the team is secure.
"It's great. We feel like someone wants us."
Added Grizzlies president and general manager Stu Jackson, who is in the final year of his contract: "I think it's a giant good news story. . . . It's really what's needed. Any successful franchise needs to have an owner that is committed, stable and really has a vested, emotional interest in the team."
Heisley enters the picture at a critical time, after the team's two previous owners -- and one suitor in Bill Laurie -- couldn't commit financially to the franchise or, as in Laurie's case, commit to keeping the team in Vancouver.