ESPN.com’s Marc Stein is reporting this afternoon that Grizzlies owner Michael Heisley has reached an agreement in principle to sell the team to 34-year-old communications technology magnate Robert Pera for a purchase price in the $350 million range.
From Stein:
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.
The California-based Pera, a former Apple engineer who left to form his own company, Ubiquiti Networks. He may or may not be a billionaire. I guess it depends on the day.
More — much more — as the story develops. But we should all have learned from the Brian Davis/Christian Laettner debacle to proceed with caution on these matters and not to assume too much.
