Chicago-based billionaire Michael Heisley has reached an agreement to sell the Memphis Grizzlies to a group led by former Duke basketball player Brian Davis, an NBA source familiar with the deal told The Commercial Appeal on Saturday.

The Davis-led partnership finally secured funding to purchase Heisley's 70 percent majority share of the Griz after months of negotiations this year.

The contract to sell the team estimates the franchise value at about $350 million, according to the source.

In 2000, Heisley purchased the Vancouver Grizzlies for $160 million. He moved the team to Memphis a year later.

NBA officials are expected to review the purchasing agreement this week. The deal is pending league approval.