Grizzlies owner Michael Heisley said Wednesday he has no active offers before him to buy the NBA team, though it is still up for sale.

North Carolina real estate developer Brian Davis, who failed late last year to raise the $252 million Heisley wants for his majority share of the team, is still looking for investors but does not have them yet, Heisley said before a "state of the franchise" meeting with season ticket holders.

"As far as I'm concerned, Davis doesn't have an offer on the table because he doesn't have the financing," Heisley said.