Memphis Grizzlies Sold to Robert Pera for $377 Million

Michael Heisley made himself a tidy little profit, as he closed the sale of the Memphis Grizzlies (which he bought in 2000 for $160 million) for a reported $377 million. Per the Commercial Appeal: “Robert Pera is officially the Grizzlies’ majority owner. The 34-year-old Silicon Valley wireless technology entrepreneur on Monday afternoon closed his deal to buy the NBA franchise from Michael Heisley, according to sources with knowledge of the deal. Pera’s purchase price was recorded at $377 million in documents presented last week to the NBA Board of Governors, a source said. The league voted unanimously to approve transfer of ownership to Pera’s group during its meeting last Thursday. Pera becomes just the second owner of Memphis’s major league sports franchise on the eve of its 12th season in the Bluff City.”