MEMPHIS, TN (abc24.com) - Memphis Grizzlies owner Michael E. Heisley announced Monday an agreement to sell the NBA franchise.
The agreement was made with a group headed by California billionaire Robert J. Pera, founder and CEO of Ubiquiti Networks, a publicly-traded next-generation communications technology company. The sale transaction is subject to approval by the NBA Board of Governors, antitrust clearance and other conditions.
“I have enjoyed my ownership of the Grizzlies and the support for professional basketball in Memphis,” Heisley stated in a June 11 press release. “I am confident that the franchise will continue its development toward being a perennial championship contender and an important member of the Memphis community. I am particularly gratified that we have put together a team which is poised to continue its improvement. We have an outstanding team of players, coaching staff, and basketball and business management. In Robert, we have a new owner who has expressed a total commitment to build on our success in Memphis.”
“I am excited about the opportunity to build on the work that has made the Memphis Grizzlies a highly competitive NBA team,” Pera said. “I look forward to getting to know the Memphis community and to continuing the team’s success in Memphis.”
Heisley bought the Grizzlies in 2000, moved the team to Memphis and into the FedExForum in 2004. The Grizzlies are coming off their two best seasons in franchise history.
ESPN.com reported the sale would be for approximately $350 million.