Robert Pera's bid to buy the Memphis Grizzlies is on the agenda for the NBA's Board of Governors meetings Wednesday and Thursday, according to The Commercial Appeal.
If the board approves the deal, only one hurdle would remain before the completion of the first ownership transfer in the Grizzlies' 11 years in Memphis: Pera's group would then have to close the deal with current owner Michael Heisley. Pera agreed in June to buy the team from Heisley for what is believed to be $350 million.
For the bid to go through, three-fourths of the board have to vote in favor of it. The board is made up of majority owners of each NBA team.
Pera, 34, is the largest shareholder of the potential ownership group. Other shareholders include: Denver Broncos quarterback Peyton Manning, former University of Memphis basketball players Elliot Perry and Penny Hardaway, singer/actor Justin Timberlake and former Congressman Harold Ford Jr., among others.
Pera agreed to three provisions this summer that would keep the Grizzlies in Memphis for at least 15 years.
Pera is the founder of Ubiquiti Networks, a wireless Internet technology developer, based out of San Jose, Calif.
The Grizzlies are entering their 12th season in Memphis after moving from Vancouver after the 2000-2001 season. Memphis lost in the first round of the playoffs last season.