Michael Heisley, the majority owner of the Memphis Grizzlies, will terminate an agreement to sell the team if Brian Davis is unable to meet today's deadline to close the transaction.

Barring an 11th-hour turn of events, Davis will lose exclusive rights to buy the Grizzlies and the millions he's spent pursuing the purchase of Heisley's 70-percent share.

Davis, and his business partner Christian Laettner, received a "notice of default" on the agreement from Heisley about a month ago, and still appear unable to correct the terms.

The group already missed at least two financial milestones, according to terms of the agreement with Heisley.

Via Memphis Commercial Appeal

Memphis Grizzlies

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