Ubiquiti Networks Founder and CEO Robert J. Pera agree last Monday to buy the controlling stake of Memphis Grizzlies from current owner Michael Heisley. ESPN reports that the purchase is estimated to be in the $350 million range and that Heisley already received an eight-figure deposit from Pera to get things going.
The deal is expected to be completed in 60 days and the team will most likely remain in Memphis, since Pera did not mention any plan to move the team out of Memphis. Pera will join other technology magnate like Dan Gilbert (Cleveland Cavaliers), Mark Cuban (Dallas Mavericks) and Paul Allen (Portland Trail Blazers) to own NBA Teams.
Robert J. Pera a former wireless engineer at Apple, before leaving the company and founding Ubiquiti Networks at the age of 25. Robert J. Pera now owns 65% of Ubiquiti Networks and at the age of 34, he’s included in Forbes’ list of the 10 youngest billionaires in the world.