Robert Pera's bid to purchase the Memphis Grizzlies was unanimously approved by the NBA's finance committee on Wednesday, according to the Memphis Commercial Appeal. The NBA's Board of Governors will vote on Pera's bid when they meet on Thursday. Ownership bids must receive three-fourths approval from the board, which is expected following the approval from the finance committee.
Pera agreed to purchase the Grizzlies from Michael Heisley on June 11, as the largest stakeholder of an ownership group that includes Peyton Manning, Penny Hardaway and Justin Timberlake among others. If the group gets approval from the NBA's Board of Governors, the remaining hurdle would be to finalize a deal with Heisley. It is expected that the final terms of the deal could be settled on by as early as Friday.
Pera, 34, is the founder of Ubiquiti Networks, a Silicon Valley wireless technology company. He has agreed to keep the Grizzlies in Memphis for at least 15 years once he assumes ownership.