After months of talk, the NBA Board of Governors will be reviewing the sale of the Memphis Grizzlies from Michael Heisley to Robert Pera this Wednesday and Thursday and voting on whether it’ll be approved or not according to the Commercial Appeal.
In June 2012, Pera agreed with a local group to purchase majority of the shares and become the owner of the Grizzlies. He will become the second majority owner in the team’s 11 year history.
Pera, former Apple hardware engineer and Ubiquiti Networks owner, was voted as the 10th youngest billionaire (34 years of age) in the world by Forbes magazine with a net worth of $1.5 billion.
Unless something crazy happens, the sale is more than likely to approve. Earlier in the summer, Pera agreed to three provisions that dealt with keeping the team in the city of Memphis:
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.
Along with Robert Pera, 4-time NFL MVP Peyton Manning and his wife Ashley, NBA All-Star Penny Hardaway and Grammy-winning recording artist Justin Timberlake are some of the those who will become part owners of the team. Other notables included in part-ownership include AutoZone founder J.R. “Pitt” Hyde and Staley Cates.