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

Memphis Grizzlies owner Michael Heisley confirmed he has agreed in principle to sell the team to communications technology magnate Robert Pera. The NBA Board of Governors will vote on the move this week.

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9 Total Updates since June 11, 2012
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Memphis Grizzlies sale unanimously approved by NBA

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

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Pera's Grizzlies bid approved by finance committee

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

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Pera's bid for Grizzlies up for 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.

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Peyton Manning to own part of Memphis Grizzlies

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

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