Majority owner Michael Heisley has been trying to sell his Memphis Grizzlies for years to just the right person, and the Illinois billionaire finally found his buyer: Robert J. Pera, a 34-year-old billionaire from California.
Heisley said Monday he has an agreement to sell his NBA team to a group headed by Pera. Heisley made the announcement less than a couple hours after published reports of a deal selling the team he moved from Vancouver to Memphis in 2001.
"I am confident that the franchise will continue its development toward being a perennial championship contender and an important member of the Memphis community," the 75-year-old Heisley said in a statement.
The sale is subject to approval by the NBA Board of Governors and other conditions.
Heisley had a deal in 2006 with a group headed by Christian Laettner that fell through in January 2007 when they failed to line up financing the $252 million to buy his majority share. Heisley had been talking to Oracle founder Larry Ellison earlier this year about a possible sale before backing off, saying he didn't want to sell to someone who would relocate the team.
ESPN.com reported the sale would be for approximately $350 million.
Pera is a former Apple engineer who left in 2005 to start Ubiquiti Networks, a communications technology company that makes WiFi networking equipment. He became a billionaire in October 2011 when his company went public with a fortune estimated at $1.5 billion in March. A stock dip earlier this month has left the man described as a big basketball fan who loves to play the game worth an estimated $980 million
"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."