Robert Pera’s bid to own the Grizzlies is on the agenda for consideration by the NBA’s Board of Governors at its meetings Wednesday and Thursday in New York City, sources familiar with the process told 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.
Three-fourths of the board, which is made up of the majority owners for each of the 30 NBA teams, must vote in favor of Pera’s bid for the ownership transfer to be approved.
Pera will be the largest shareholder in the prospective ownership group but will own less than 50 percent of the franchise, two sources familiar with the deal said.
— Reported by Geoff Calkins of the Memphis Commercial Appeal
