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Agreement reached to sell the Memphis Grizzlies

Found June 11, 2012 on LAYUP MAG:
PLAYERS: Michael Heisley
TEAMS: Memphis Grizzlies

(Photo by Kevin C. Cox/Getty Images)

The Memphis Grizzlies have announced that the team will be sold. Michael Heisley has sold the Grizzlies to Robert Pera and the sale will become final once approved.

Via Grizzlies:

Michael E. Heisley, the majority owner of the Memphis Grizzlies, announced today an agreement for the sale of the franchise to an entity owned by Robert J. Pera. Robert J. Pera is the 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,” said Heisley. “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.”

Original Story: http://www.layupmag.com/2012/06/agree...
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