The Memphis Grizzlies announced today that the sale of the team to a group led by Robert J. Pera has been formally completed.  Pera, founder and CEO of Ubiquiti Networks, a publicly-traded next-generation communications technology company, has officially assumed control of the Grizzlies and leads a group of well-respected investors.

“The Grizzlies are here to stay in Memphis,” new Memphis Grizzlies Chairman Robert Pera said. “We are thrilled to assume ownership of the Grizzlies. We see enormous potential and understand the role the Grizzlies play in bringing Memphians together.  We are committed to building a winning team with a best-in-class organizational culture, finding new and creative ways to engage with our fans, and making a positive and meaningful difference in the community.”

“Owning the Memphis Grizzlies has been one of the most rewarding business endeavors of my career,” Michael Heisley said. “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.  In Robert, we have a new owner who has expressed a total commitment to build on our success in Memphis. Although my time as owner has come to a close, I will remain a part of Grizz Nation and will continue to support this franchise that will always hold a special place in my heart.”