MEMPHIS, TN (abc24.com) - The Memphis Grizzlies have new owners, led by a California billionaire and an all-star ownership group.
The NBA franchise announced the sale on October 31 to a group led by Robert J. Pera, founder and CEO of Ubiquiti Networks. Included in the ownership group is Millington native Justin Timberlake, Anfernee 'Penny' Hardaway, and Peyton Manning.
“We are thrilled to assume ownership of the Grizzlies. We see enormous potential and understand the role the Grizzlies play in bringing Memphians together," Pera stated in a news release. "We are committed to building a winning team with a best-in-class organizational culture, finding new and creative ways to engage with our fans, and making a positive and meaningful difference in the community.”
Pera's ownership group purchased the team from former owner Michael Heisley for an estimated $377 million.
“Owning the Memphis Grizzlies has been one of the most rewarding business endeavors of my career,” Heisley said.
Pera is expected at the Memphis Grizzlies 2012-13 season home opener against the Utah Jazz on Monday, November 5. Tip-off is at 7 p.m. at FedExForum.