The sale of the Memphis Grizzles has been unanimously decided by the NBA Board of Governors Thursday to an investor group led by Robert Pera, according to NBA.com.
"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."
Pera, 34, committed to keeping the Grizzlies in Memphis when he agreed to purchase the franchise from Michael Heisley in June. Completion of the sale required approval by 75 percent approval.
The board was comprised of ownership representatives from the league's 30 franchises.
"Robert will no doubt bring great energy and passion to the franchise," NBA Commissioner David Stern said in a statement. "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 deal will ensure the Grizzlies, whom Heisley moved to Memphis from Vancouver after he bought the team 12 years ago, will remain in Memphis. The Grizzlies have a lease at the FedExForum through 2021.
The agreement is worth $350 million, ESPN reported in June, citing people with knowledge of Heisley's plan. The Grizzlies are worth $269 million, according to Forbes' annual list of franchise valuations, among NBA franchises.
The approval made actor/singer Justin Timberlake and Denver Broncos quarterback Peyton Manning and his wife, Ashley, Grizzlies minority owners.
Timberlake and Ashley Manning are Memphis area natives, while other investors include former NBA player Penny Hardaway, according to the Memphis Commercial Appeal.
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