Friday, September 7th, 2012 at 1:21 pm  |  32 responses

Justin Timberlake to Become Minority Owner of Memphis Grizzlies

by Eldon Khorshidi | @eldonadam

Add another music mogul to the list of NBA owners.

Six-time Grammy Award winner, pop star, and avid sports fan Justin Timberlake will become a minority shareholder in Robert Pera’s pending purchase of the Memphis Grizzlies. The 31-year-old Timberlake, who was born in Memphis, has frequently attended Grizzlies and Lakers games for the better part of a decade. His exact ownership stake has not yet been announced, but if the transaction does goes through, Timberlake will join fellow artists Usher (Cleveland Cavaliers), Nelly (Charlotte Bobcats) and Jay-Z (Brooklyn Nets) as artists who also have minority shares in NBA teams.

More details, via the Memphis Commercial Appeal:

Pop star Justin Timberlake has decided to secure a stake in his hometown’s professional sports franchise. Pera, 34, agreed in June to the purchase and continues to undergo the standard vetting by the NBA. The league’s majority owners will have to vote to approve his ownership bid, but if it’s approved, he’ll become just the second majority owner in the franchise’s 11-plus years in Memphis. Last month, Pera agreed to terms with a group of local minority partners that includes AutoZone founder J.R. “Pitt” Hyde and financier Staley Cates, who were minority owners under Heisley. In the new agreement, which is for about one-third of the team, Pera agreed to terms that will effectively guarantee the team’s future in Memphis for the next 15 years. ”Most importantly, the team’s not going anywhere,” Cates said Aug. 22. “That’s the whole point. That’s the main thing that this is all about.” Timberlake has won six Grammy Awards and an Emmy with his role as a solo entertainer and with the group *NSYNC. He grew up in Shelby Forest and attended E.E. Jeter Elementary before leaving the area to pursue his musical career. In focusing on his hometown in recent years, he spent heavily to transform the old Big Creek Golf Course near Millington into Mirimichi and has donated hundred of thousands toward Memphis music. Pera is believed to have agreed to a $350 million purchase price for the team. Pera is the 34-year-old CEO of Ubiquiti Networks, a San Jose wireless technology firm that he founded. It’s unclear if and when the NBA will sign off on Pera’s deal. Speaking to reporters in Las Vegas in July, NBA Commissioner David Stern offered a clue when he said the league’s vetting was “proceeding on pace and we hope in the next couple of months to be able to approve that.”

  • Add a Comment
  • Share
  • RSS

Tags: ,

  • spit hot fiyah

    does anyone know how big of a % nelly and usher owns? is it as small as j z’s?

  • what

    After the 2008 draft, I wonder if he was singing “Where is the Love”

  • shawnkemp4prez

    This makes sense, Timberlake has always wanted to be a minority. (now everyone go “oooohhhh!!”)

  • http://www.slamonline.com/ Nick Tha Quick

    Most people don’t know that Jay-Z owns 0.0066% of the New Jersey Nets. You’d think with all the publicity he gets as a part owner, his creative input and personal businesses involvement in the team, that he would own a much bigger share of the team.

  • 1982

    If He ends up owning the best team out of the 4, and BK is the only competition, nevermind… I lost interest.

  • Kevin

    Good move for him. Now he needs to make another damn album. JT is the man

  • PippenAintEasy

    Next up: ‘Ye in Chi-town. He’ll try to rename them the Chicago Yeezys.

  • Drig

    He’s a Lakers fan……..and he’s about to own a part of the Grizzlies…….Wouldn’t mind TAllen for Blake and any other bench guy Justin! :P

  • gusisit

    no one wants your crappy bench crap, especially not for an all defence first team player

  • Drig

    Sarcasm…….. : No team would be idiotic enough to do that anyways….

  • https://twitter.com/#!/GametimeWeezy Gametime

    or not..

  • https://twitter.com/#!/GametimeWeezy Gametime

    What is 0.0066% of a billion dollar franchise worth? Cmon son, Stop hatin..

  • Kevin

    SMH FOH you probably havent even listened to one of his albums. I normally dont talk to blind haters, but i’ll humor you this time around. Future Sex/Love Sounds was the s**t, great album. Dont let the boy band past fool you, the dude makes great music. Him and Timbaland were a killer combo

  • http://www.slamonline.com/ Nick Tha Quick

    Not hating, dude. It is reported that Jay-Z bought a $1M stake of the team. Just noting that he seems to be getting a lot of more out of it than what he put into it, which, to his credit, is a sound business strategy.

  • Kevin

    Jay-Z owns the seat cushions in Barclays and the Gatorade coolers that’s about it

  • Josh

    He’s bringing sexy back.

  • Sunny

    He owns 0.067 not 0.0067 that extra zero you added makes a difference

  • http://www.slamonline.com/ Nick Tha Quick

    You’re right, Sunny. Must be my Public School Arithmetic.

  • https://twitter.com/#!/GametimeWeezy Gametime

    Even with such a small stake, or whatever he’s invested monetarily, Jay-Z is in no way going to ever be the Silent partner. Don’t hate, appreciate.

  • https://twitter.com/#!/GametimeWeezy Gametime

    I’ve heard them.. You seem to be very Nsync with JT’s career, that’s cool.

  • https://twitter.com/#!/GametimeWeezy Gametime

    Born in Brooklyn and brought them back an NBA team, and you’re worried that he doesn’t have a bigger share? C’mon man wake up.

  • The Philosopher

    Always respected Timberlake’s skill as a performer.
    Great dancer.
    Better than Usher.

  • The Seed

    I wish I had money like this to waste on nonprofitable organizations.

  • http://www.slamonline.com/ Nick Tha Quick

    The decision to move the Nets to Brooklyn was not made exclusively by Jay-Z nor was it his original idea. I’m sure the idea had been considered before his investment. Yet you want to give him all the credit of the team’s move. But of course, since we don’t agree, we must be hating.

  • https://twitter.com/#!/GametimeWeezy Gametime

    I didn’t say that brother.. all I’m saying is there’s a bigger story is how he’s Re-branded the Brooklyn Nets over the last 3 or 4 years.. in ways the other owners wouldn’t be able to… And any mention of his seemingly small stake to the team, as if it “should” be more, is just detriment to the bigger picture here. Inclusion of Jay Z’s marketing plan had the most influence of all as far as any long-term financial profitability projections go, imo. AKA they all going to make some money on this one. We talking about Shawn Carter.. You saying he didn’t know what he was doing? Or are you saying he should of dropped more feddy? C’mon man don’t feed that hype.

  • Da Real

    Cosign @nickthaquick:disqus , great marketing by Jay Z but his stake was purchased for $250,000, me and boys could have done that. This was just a ploy/strategic move to get blacks in the city and around the NBA to like the Nets. also helps with free agents. I like Jay, but he is completely overexposed at this time but half of his “fans” are lame wannabees that dont care

  • Dagger

    I have no idea why you’re getting so bent out of shape about Nick’s totally inoffensive comments.

  • https://twitter.com/#!/GametimeWeezy Gametime

    It’s not so much what he said, it’s the essence of the comment that I believe is getting old and tired. Besides if he owned more stake in the team he’d stand more to lose and not much more to gain.

  • www.whatisagolfhandicap.com

    Love the grizzlies, hate Timberlake. Don’t like this union at all.

  • ALD

    i hope its not a fail like myspace

  • danpowers

    jr smith just said the knicks wont contend for nothing less than the title. cant wait to see that headline in here and the controversy begin

  • https://twitter.com/#!/GametimeWeezy Gametime

    Besides, EVERYBODY knows Jay-Z doesn’t own much of the Nyets.. why bring it up again?