facebook
twitter
rss
account
search
search
 

Grizzlies owner strikes deal to sell team

June 11, 2012 at 7:30 PM   |   Comments

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."

© 2012 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Most Popular
1
Russian bank boss feeling sanctions pain Russian bank boss feeling sanctions pain
2
Ebola health workers killed in Guinea Ebola health workers killed in Guinea
3
Prince Harry sweeps an adorable little girl off her feet at Invictus Games Prince Harry sweeps an adorable little girl off her feet at Invictus Games
4
Iran issues lashings, imprisonment sentences for 7 who made Pharrell Williams 'Happy' fan video Iran issues lashings, imprisonment sentences for 7 who made Pharrell Williams 'Happy' fan video
5
Eight people killed in mass shooting in Northern Florida Eight people killed in mass shooting in Northern Florida
Trending News
Video
x
Feedback