Memphis Grizzlies sale agreement reachedPosted by Inside Hoops
After two consecutive trips to the playoffs and a return to respectability in the Western Conference, Michael Heisley has found a buyer to purchase the Memphis Grizzlies, according to sources with knowledge of the owner’s plans.
Sources told ESPN.com that Heisley has an agreement in principle to sell the team to communications technology magnate Robert Pera, who at 34 has a spot on Forbes’ list of the 10 youngest billionaries in the world.
The purchase price is in the $350 million range, sources said. A formal announcement to publicize the agreement between the parties is expected this week, possibly as soon as later Monday, with NBA Board of Governors approval then required before Pera can be officially installed as successor to Heisley, who recently turned 75.
Sources say that Pera intends to keep the team in Memphis. The Grizzlies’ lease at the FedExForum, furthermore, ties the team to the city until the year 2021, with steep financial penalties attached to breaking that lease.
– Reported by Marc Stein of ESPN.com