It's official. After the NBA Board of Governors voted to approve the sale of the Memphis Grizzlies to Robert Pera, the deal had to actually be closed with current owner Michael Heisley. And the Memphis Commercial Appeal reports:
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.
That's a $217 million turnaround on the reported $160 million investment he made in 2001. Quite a freaking turnaround for one of those small markets that can't seem to make money because of the old CBA. Just saying.
Pera and Co. will hopefully bring a new energy and some reinforcement to the logistics of the Grizzlies' program. There's no word on any changes they plan to make, but we'll be keeping close tabs on Pera. The Warriors, Sixers and now Grizzlies seem to be under much more aggressive ownership.
Click here for a complete list of minority partners in Pera's bid, including Justin Timberlake and Peyton Manning.