The National Basketball Association (NBA) said its governors board had given its unanimous support to the sale of the Memphis Grizzlies professional basketball franchise to a group of investors headed by businessman Robert Pera.
The agreement was signed in June between Grizzlies owner Michael Heisley and Pera’s group, without disclosing financial details.
Heisley’s company Hoops LP, which owns and operates Grizzlies, also announced the approval by the NBA to the deal, saying the transaction is expected to be wrapped up shortly. Until then, the parties will abide by the terms of the signed confidentiality agreements, Hoops explained.
Pera founded and leads as CEO California-based communications technology firm Ubiquiti Networks (NASDAQ:UBNT).
Grizzlies was initially located in Vancouver and owned by Arthur Griffiths, who also had the Vancouver Canucks hockey club. The basketball team, which joined the NBA in 1995 as an expansion team, was bought by Chicago businessman Heisley in 2000. The year after that, the new owner relocated the franchise to Tennessee. Now it plays at Memphis’ FedExForum.
The team has taken part in the playoffs in five seasons and finished fourth in the Western Conference in the 2011-2012 season.
In a statement, NBA commissioner David Stern welcomed the NBA approval for the deal, saying that the strong local ties of Pera’s group will benefit the team and the community.