Majority owner Michael Heisley has withdrawn his agreement to sell the Memphis Grizzlies to former Duke basketball player Brian Davis, a Memphis newspaper reported Tuesday.

Heisley and Davis, a real estate developer, announced the sales agreement in October. Heisley said Davis had until Jan. 15 to come up with the $252 million need to take over the team.

But the NBA issued a statement Dec. 5 saying it had insufficient information from Davis on his proposed financing to consider approving the sale.