MEMPHIS, TN (abc24.com) - Don't believe everything you read, sources close to Memphis Grizzlies prospective owner Robert Pera say.
"The facts speak for themselves. The value of Mr. Pera's interest in Ubiquiti Networks is nearly $800 mil," a source close to Pera said via e-mail on Monday afternoon.
Pera's camp was responding to a weekend article in The New York Daily News. The article stated that Pera's bid to purchase the Grizzlies was in serious trouble after stock in Ubiquiti Networks, the company he founded, fell.
The source called the article "completely false."
"You have to have the cash," said Dr. Tim Ryan, a sports management professor with the University of Memphis.
Ryan says the NBA is currently reviewing Pera's finances.
"I am sure they just want to make sure the money is going to be there when he says it is going to be there." Dr. Ryan said.
Sources close to Pera say despite the stock slide, he's still worth around $800 million. The stock was trading over $35 as recently as early May. It closed Monday at just under $13 a share.
Pera's salary is $1 a year, but he took home a reported $84 million in 2010.
"I don't think Michael Heisley would have been accepting a back check, so I have a feeling, it is not an issue," said Ryan.
The NBA's review of Pera's finances is expected to take a couple of months.