The NBA has approved the sale of the Memphis Grizzlies to Robert Pera.
Commissioner David Stern told Kyle Veazey of The Commercial Appeal: "Robert will no doubt bring great energy and passion to the franchise."
Pera, a 34-year-old entrepreneur from Silicon Valley, agreed to buy the team from current owner Michael Heisley on June 11 and will be the team's largest shareholder, while still owning less than a 50 percent share of the franchise. Twelve other investors have been identified in the group to purchase the Grizzlies, including Justin Timberlake and Ashley Manning, wife of Denver Broncos quarterback Peyton Manning.
After the board's approval, Pera must complete the sale, which is expected to be worth $350 million, with Heisley.
In order to purchase the franchise, Pera has agreed to stipulations that ultimately promise to keep the franchise in Memphis for the next 15 years.