Joel  Litvin,  NBA  President, League and Basketball  Operations,  issued  the following statement today regarding the proposed purchase of the Memphis Grizzlies:

"The NBA has not yet received from Messrs. Davis and Laettner sufficient information  to  conduct  our  review  of their proposed purchase of the team,  in  accordance  with  NBA  rules. Among other things, and despite numerous requests from the NBA, we have not been provided with important information  about  other potential investors, including the sources and amounts of funding that they would supply."

"In addition, based on the limited information that we have received, it appears  that  certain elements of the transaction would not comply with NBA  rules.As  a result, and contrary to their public statements, the NBA  is not taking any action at this point with respect to the proposed transaction."