Monday, June 11th, 2012 at 3:26 pm  |  17 responses

Report: Memphis Grizzlies Agree to Sell Team

According to ESPN’s Marc Stein, Memphis Grizzlies owner Michael Heisley has found a buyer to purchase the team for roughly $350 million. The new principle owner is set to be 34-year-old Robert Pera, former engineer at Apple and one of Forbes Magazine’s 10 youngest billionaires in the world. ESPN has the details: “The purchase price is in the $350 million range, sources said. A formal announcement to publicize the agreement between the parties is expected this week, possibly as soon as later Monday, with NBA Board of Governors approval then required before Pera can be officially installed as successor to Heisley, who recently turned 75. Sources say that Pera intends to keep the team in Memphis. The Grizzlies’ lease at the FedExForum, furthermore, ties the team to the city until the year 2021, with steep financial penalties attached to breaking that lease. In 2006, Heisley agreed to sell his 70 percent controlling stake in the Grizzlies for a reported $360 million to a consortium headlined by Christian Laettner and fellow Duke alumnus Brian Davis. That deal infamously collapsed and was followed by the controversial trade of Pau Gasol to the Lakers in February 2007. That move initially earned Heisley widespread criticism before the Grizzlies’ recent turnaround. But Pera is known as a basketball fanatic in business circles and is an unquestionably more serious bidder given his financial portfolio. The 34-year-old Northern California native is a former engineer at Apple who left the computer giant at 25 to start his own company. Today Pera owns a reported 64 percent of the Ubiquiti Networks he founded and operates the company out of Taiwan as well as San Jose. Pera speaks Chinese and Japanese and is said to play basketball four to five times per week.”

  • Add a Comment
  • Share
  • RSS

Tags: , ,

  • goattree

    Super rich, young, computer-smart and passionate about hoops? Sounds like Mark Cuban 2.0

  • MtotheS

    “plans to keep team in Memphis” we heard that when us in Vancouver lost the team…

  • http://www.youtube.com/watch?feature=player_embedded&v=rwDluFZQmtQ Max


  • http://slamonline.com LakeShow

    See ya in Seattle.

  • http://www.slamonline.com aman from arkansas

    They should move the team to Arkansas it right across the bridge.

  • Ldub

    Damn….$350mil. How nice would it be to spend that amount? And know it could come back 10 fold?

  • logues

    right on Lakeshow. bring back the sonics!

  • TheReal

    So much for (Ex)Owner: “We’re not looking to trade Rudy Gay”.. Colangelo make it happen baby!!

  • Gavin

    “plans to keep the team in Memphis” stops reading.

  • http://www.nba.com VanCityBBall

    damnnnn as much as i would like a team back in Vancouver or even Seattle i know what it’s like to get something you love ripped away from you and memphis doesnt deserve that… nobody should have EVER have to deserve that… im not saying no, but im just saying i would feel bad for memphis

  • bdogg

    the grizz will be the new supersonics if sacto does not go there first!!! book it!

  • PnoyVibe

    We need another team here in Canada damnit.

  • http://www.triplejunearthed.com/dacre Dacre

    So they get a new buyer AND a 6th man at the PG position!

  • deezy

    Vancouver wants the NBA!!

  • Wixurrs

    move them to Vancouver ASAP or anywhere but Memphis.

  • http://www.huwlhopkins.com #6marjon

    here’s hoping he changes the name. 3rd worst after bobcats and raptors

  • Anon

    Vancouver didn’t support the team before so there’s no way Vancouver it getting another team. Seattle can have the Bobcats. Hell if the Grizzlies do continue to get better no one in Memphis will care if they leave anyway