Memphis Grizzlies owner Michael Heisley has reached a deal to sell the team to 34-year-old Robert Pera for around $350 million, ESPN.com‘s Mark Stein reports.
The tentative deal must be approved by the NBA Board of Governors.
Heisley nearly sold the team in 2006 to a group including former Duke star Christian Laettner, but the deal fell through late in the process.
Pera started his own communications company, Ubiquiti Networks, at 25 and was named one of the 10 youngest billionaires by Forbes, Stein reports. But his company has taken some hard hits recently.
In early May, the company’s stock price plummeted, apparently because of allegations it was tied to the mafia, a contention the company said was a lie spread by counterfeiters it was cracking down on. Last week, the company again saw a stock hit that Forbes reported removed Pera from the ranks of billionaire. It said his new net worth was an estimated $980 million.
Stein reports Pera is a big basketball fan and plans to keep the team in Memphis.