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Sunday, June 23, 2024 | Back issues
Courthouse News Service Courthouse News Service

Memphis Grizzlies Buyout Group Sued on 100k Retainer

LOS ANGELES -- A financial advisory company has sued a group formed to acquire the Memphis Grizzlies of the National Basketball Association for failing to pay a retainer, with O'Melveny representing the plaintiff.

Park Lane IBS LLC, in complaint filed in Superior Court, said that Grizzly Acquisition Holdings, LLC owes it a non-refundable fee of $100,000 for work that included "creating financial models, introducing GAH to investors, and focusing the attention of Park Lane's personnel on this acquisition deal to the exclusion of other deals in Park Lane's deal pipeline."

According to the suit, Park Lane has expertise in financing acquisition of sports franchises and GAH is a group made up of former NBA players and other investors. GAH hired Park Lane last November.

The complaint was filed by James J. McNamara and Leticia M. Kimble of O'Melveny & Myers.

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