An investment group that includes Christian Laettner and his former Duke teammate Brian Davis has reached an agreement to buy 70 percent of the Memphis Grizzlies.

Memphis Grizzlies center Pau Gasol will be out of action for four months after undergoing surgery to repair a broken toe, the team said on Friday.

Memphis Grizzlies President of Basketball Operations Jerry West announced the team has signed free agent guard Damon Stoudamire to a four-year contract. Per team policy, financial terms of the deal were not released.

Former Blazers guard Damon Stoudamire is headed to the Memphis Grizzlies, the Houston Chronicle reported on its Web site on Saturday. The Portland native is said to have agreed to a four-year-deal.

Memphis’ Jason Williams was fined $10,000 by the NBA on Wednesday for improper conduct toward members of the media following the Grizzlies’ playoff loss to Phoenix.