MEMPHIS, June 11 (UPI) -- Memphis Grizzlies majority owner Michael Heisley announced Monday he has struck a deal to sell the team to Ubiquiti Networks founder Robert Pera.
Heisley said in a statement that Pera, a 34-year-old northern California billionaire, "has expressed a total commitment to build on our success in Memphis."
"I am confident that the franchise will continue its development toward being a perennial championship contender and an important member of the Memphis community," Heisley said.
Terms of the deal weren't announced but ESPN reported it was worth an estimated $360 million. It must be approved by the NBA Board of Governors, pass antitrust muster and clear other hurdles before it is consummated.
Pera, a former Apple engineer who left to start his own computer networking firm at age 25, said in a statement he was "excited about the opportunity to build on the work that has made the Memphis Grizzlies a highly competitive NBA team."