6/11/2012 3:12:07 PM
Michael E. Heisley announced Monday an agreement to sell the Grizzlies to an
entity owned by Robert J. Pera, the founder and CEO of the communications
technology company Ubiquiti Networks.
In a statement, Heisley, who bought the Vancouver Grizzlies in 2000 before
they moved to Memphis in 2001, said he has enjoyed his ownership and the
support the team has received in its current home.
"I am confident that the franchise will continue its development toward being
a perennial championship contender and an important member of the Memphis
community," said Heisley. "I am particularly gratified that we have put
together a team which is poised to continue its improvement.
"We have an outstanding team of players, coaching staff, and basketball and
business management. In [Pera], we have a new owner who has expressed a total
commitment to build on our success in Memphis."
The sale is subject to approval by the NBA Board of Governors as well as
antitrust clearance and other conditions.
Pera said in a statement he was "excited about the opportunity to build on the
work that has made the Memphis Grizzlies a highly competitive NBA team."
The website for Ubiquiti Networks says it's "a next-generation communications
technology company" that manufactures "disruptive technology platforms for
emerging markets that drive profitable business models and enable ubiquitous
connectivity." Its corporate headquarters are in San Jose, California.