Memphis Grizzlies owner Michael Heisley has agreed in principle to sell the team to communications technology magnate Robert Pera, according to ESPN.com. The deal is expected to be announced later this week.
The Memphis Grizzlies appear to have finally found a buyer, sources tell ESPN.com. Communications technology magnate Robert Pera reportedly has agreed in principle to purchase the team from current majority owner Michael Heisley for roughly $350 million.
According to ESPN, the deal should be announced sometime this week. Heisley did confirm with the Memphis Commercial Appeal that the organization has had contact with Pera, but said "we don't have a contract at this point," indicating there may still yet be some work to do.
Pera would not move the Grizzlies out of the Memphis, according to ESPN. Heisley reportedly halted negotiations when Oracle founder Larry Ellison wanted to relocate the team. Pera was spotted touring the Grizzlies' facilities and operations in March. The former Apple engineer and founder of Ubiquiti Networks is reportedly an avid basketball fan.
For more on the Grizzlies, head over to the SB Nation blog Straight Outta Vancouver.