Sale of Memphis Grizzlies may be in troublePosted by Inside Hoops
The Memphis Grizzlies’ sale to Robert J. Pera, announced this past week, is already in serious trouble, according to league sources. Pera owns Ubiquiti Networks, a Silicon Valley communications technology company. When its stock bottomed out in the last two weeks, his net worth plummeted from $1 billion to $200 million, according to league insiders who say that unless he has some wealthy partners lined up to help him finance the sale, it will likely fall through. In that case, the Grizzlies will continue to be owned by Michael Heisley. Pera agreed to buy the team for $350 million, a figure that raised many eyebrows around the league.
– Reported by Mitch Lawrence of the New York Daily News
UPDATE: SALE STILL ON TRACK
The New York Daily News reported Sunday that Pera, a communications technology magnate, has already created great skepticism because of his finances. Citing league insiders, the newspaper claimed Pera’s net worth is $200 million and not enough to complete the transaction unless he has “some wealthy partners” in line to help.
Not only is Pera alone in his bid to buy the Griz to date but he remains committed to join the NBA despite his company’s loss in momentum, according to a source with knowledge of the deal.
Once estimated at being worth $1.5 billion by Forbes magazine, Pera is now said to be worth more than $800 million in large part because of shares in his company, Ubiquiti Networks.
– Reported by Ronald Tillery of the Memphis Commercial Appeal