Short answers, pulled from the story.
Declining attendance and a weak Canadian dollar left owner Orca Bay Sports and Entertainment losing money. After the NBA blocked a sale to Bill Laurie that would have moved the team to St. Louis, Michael Heisley purchased the franchise for US$160 million and relocated it to Memphis for the 2001-02 season, with the NBA Board of Governors approving the move on the 3rd of July 2001.
The Vancouver Grizzlies won 101 games and lost 359 across their six seasons from 1995-96 through 2000-01. They never qualified for the NBA playoffs and never won more than 30 percent of their games in any single season.
Shareef Abdur-Rahim, selected third overall in the 1996 draft, was the team's standout player, setting a franchise record of 18.7 points per game in his rookie season and finishing third in Rookie of the Year balloting. Mike Bibby, selected second overall in 1998, also developed into a quality point guard and was the last former Vancouver Grizzlies player active in the NBA, retiring after the 2011-12 season.
Steve Francis, selected second overall in the 1999 draft, had hoped to be chosen by the Chicago Bulls and his representatives had indicated multiple times he did not want to play in Vancouver. After an incident at the airport, his manager Jeffrey Fried sought a trade, resulting in a deal involving eleven players across three teams that sent Francis to Houston, where he won the Rookie of the Year Award.
The Vancouver Grizzlies played all of their home games at General Motors Place in Vancouver for all six seasons. The arena has since been renamed Rogers Arena. Their final home game there was against the Houston Rockets on the 14th of April 2001.
The original proposal was to call the team the Vancouver Mounties, but the Royal Canadian Mounted Police objected. The new name was announced on the 11th of August, chosen to reflect the grizzly bear, an animal indigenous to British Columbia. Team colors were set as turquoise, bronze and red.