The NBA Board of Governors has unanimously approved the sale of the Memphis Grizzlies to an investor group led by Robert Pera.

“We are delighted that the NBA’s Board of Governors has approved Robert Pera’s purchase of the Grizzlies,” said NBA Commissioner David Stern. “Robert will no doubt bring great energy and passion to the franchise. He has assembled an ownership group with very strong local ties, and we anticipate that their commitment to the Memphis area will greatly benefit both the team and the community.”

The league’s approval is subject to the final close of the transaction which is expected to take place shortly.  Until the transaction closes, all parties to the transaction have agreed to continue to abide by the terms of their confidentiality agreements.

Pera is the founder and CEO of Ubiquiti Networks, a publicly-traded next-generation communications technology company.