NEW YORK (AP) _ It's official: The Vancouver Grizzlies are moving to Memphis.
NBA owners gave unanimous approval to the move Tuesday, clearing the way for the Grizzlies to play in Tennessee next season. It is the league's first franchise relocation since the Kings moved from Kansas City to Sacramento in 1985.
The league's Board of Governors also approved the sale of a minority interest in the team to a group of Memphis-based investors led by J.R. ``Pitt'' Hyde III and his wife, Barbara. Hyde is founder of AutoZone, an auto parts company.
``We are gratified by the community's enthusiasm and remarkable level of support for the Grizzlies,'' NBA commissioner David Stern said. ``The city of Memphis, Shelby County, the NBA pursuit team, the business community and the local investors have come together with Michael Heisley and the Grizzlies organization to assure that a successful NBA franchise in Memphis will be a reality.''