Robert Pera's bid to buy Grizzlies up for NBA owners' vote

Memphis Grizzlies sale unanimously approved by NBA

The NBA has approved the sale of the Memphis Grizzlies to Robert Pera.

Grizzlies sale: Robert Pera's bid unanimously approved by NBA's finance committee

The NBA finance committee unanimously approved Robert Pera's bid to purchase the Memphis Grizzlies.

Robert Pera bid to buy Grizzlies up for NBA owners' vote

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.

Peyton Manning to buy share of Memphis Grizzlies, according to report

Broncos quarterback and Tennessee alum Peyton Manning has reportedly agreed to become part owner of the Memphis Grizzlies, joining Justin Timberlake and Penny Hardaway in Robert Pera's ownership group

Robert Pera Deal Would Keep Grizzlies In Memphis 15 More Years

Robert Pera, the prospective owner of the Memphis Grizzlies, has agreed to a series of provisions that will more or less ensure the team stays in Memphis for another 15 years.

Pera agreed to a deal with a group of local investors who own 30 to 35 percent of the team to make sure the franchise keeps Memphis as its long-term home:

Pera has agreed to three provisions: 1) a $100 million penalty if the team is moved, 2) a right of first refusal under which the local owners will be able to match any offer Pera receives to sell the team and 3) the right for the locals to buy the team from Pera at the current price if he wants to move it. All provisions are in effect for the next 15 years.

Those three clauses should make moving the team prohibitive, a key for a franchise that has already moved once in its relatively young existence. As the team has improved with playoff berths in the past two seasons, the FedEx Forum's passionate home crowd has made it one of the league's most difficult places to play. That fanbase can rest assured: the Grizzlies likely won't leave anytime soon.

Pera, who agreed to purchase the Grizzlies from Robert Heisley in June, still needs to pass vetting by the NBA's powers-that-be in order to become the team's official owner.

For more on the Grizzlies, check out Straight Outta Vancouver.

Controversies Could Tank Robert Pera's Grizzlies Purchase

The NBA is taking a hard look at who Robert Pera, the potential new owner of the Memphis Grizzlies, does business with. Specifically, it is Pera's connections to Iran that have the NBA cautious, according to the San Jose Business Journal.

NBA officials will "look into (the Iran issue), they’ll question it," said SportsCorp. President Marc Ganis, who advises on team deals. "They don’t want a front-page New York Times story six months from now about how an ‘NBA owner sold products to terrorist organizations,’ by way of example. They’re going to want to understand what (the Iran case is) before they sign off on it."

Pera owns a 63 percent share in Ubiquiti, which has recently come under fire for illegally selling products to Iran.

He has yet to be approved by the NBA or its owners.

For more on the Grizzlies, head over to the SB Nation blog Straight Outta Vancouver.

Local Partners Could Be Part Of Robert Pera's Grizzlies Bid

If Robert Pera is the new owner of the Memphis Grizzlies, as much as one-third of the team could be owned by local partners, according to The Commercial Appeal.

Pera's goal is to get the city involved in the team.

Pera's associates insist that the 34-year-old CEO of Ubiquiti Networks isn't pushing for local partners because he needs to, but because he wants to collaborate with Memphians for the franchise's overall good.

The last few weeks, representatives of Pera have been in Memphis meeting with local business owners. Under the current ownership group, local partners own about two percent of the team.

By all accounts, Pera's interest in getting local partners involved is another example of wanting to keep the team in Memphis for the long-term.

He agreed to buy the team on June 11, but the deal has yet to be approved by the other NBA owners.

For more on the Grizzlies, head over to the SB Nation blog Straight Outta Vancouver.

Michael Heisley Confirms Plans To Sell Memphis Grizzlies

Memphis Grizzlies owner Michael Heisley confirmed an ESPN report that he plans to sell the team to Robert Pera, a 34-year old Silicon Valley billionaire. In an interview with FOX Sports' Chris Tomasson, Heisley said that a contract to sell the team was signed on Monday afternoon.

When asked why he sold the team now, Heisley cited health issues, among other things.

"I have stepped aside from my companies. I’m 75 years of age I had a couple of medical problems this year (heart). I thought the team was in good shape. Fan base was in good shape. I thought if the opportunity presented itself, I would sell the team.’’

Heisley did not definitively confirm ESPN's report that the sale was for $350 million, but did say the price of the team was for over $300 million. ESPN reported that Pera has no plans to move the team from Memphis.

As Heisley himself said, the sale is not finalized yet. The NBA has not approved the sale, and likely won't do so for another 30-60 days.

Heisley came very close to selling the team in 2007, but a deal with a group headed by former Duke players Brian Davis and Christian Laettner fell through at the last minute. Since then, Heisley has reaffirmed his commitment to building a winner, signing Rudy Gay, Mike Conley, Zach Randolph and Marc Gasol to lucrative contract extensions.

For more on the Grizzlies, head over to the SB Nation blog Straight Outta Vancouver.

Memphis Grizzlies To Be Sold To Ubiquiti Networks CEO Robert Pera

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.