Michael E. Heisley, the majority owner of the Memphis Grizzlies, announced today an agreement for the sale of the franchise to an entity owned by Robert J. Pera.  Robert J. Pera is the founder and CEO of Ubiquiti Networks, a publicly-traded next-generation communications technology company.  The sale transaction is subject to approval by the NBA Board of Governors, antitrust clearance and other conditions.

The Grizzlies were purchased by Mr. Heisley in 2000 when the team was located in Vancouver, Canada.  In 2001, the Grizzlies were relocated to Memphis, Tennessee, and in 2004 moved into FedExForum, a state-of-the art NBA arena built by the City of Memphis and Shelby County.  Since moving to Memphis, the team has participated in the NBA playoffs for five seasons, including the two most successful campaigns in franchise history, in 2010-11 and 2011-12.

“I have enjoyed my ownership of the Grizzlies and the support for professional basketball in Memphis,” said Heisley.  “I am confident that the franchise will continue its development toward being a perennial championship contender and an important member of the Memphis community.  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 Robert, we have a new owner who has expressed a total commitment to build on our success in Memphis.”

“I am excited about the opportunity to build on the work that has made the Memphis Grizzlies a highly competitive NBA team,” Pera said. “I look forward to getting to know the Memphis community and to continuing the team’s success in Memphis.”