The Grizzlies' local minority-share owners are adding partners and hope to approach majority owner Michael Heisley "in the very near future" about a buyout of his 70-percent stake, J.R. 'Pitt' Hyde III said Tuesday.

"We have told him we have high interest and that we're working on putting our group together," Hyde said, "and we're close to accomplishing that."

"I feel confident that we'll be able to put together a very good group."

Hyde wouldn't identify new or potential investors, but he said they're local, and that the resulting group "wouldn't be a large number of people."