Report: Memphis Grizzlies sale close to breaking down [UPDATE]
Update, June 18, 4:35 p.m.: Information cited in this blog post was incorrect. The original story below was based on inaccurate information reported in the New York Daily News. The report of Pera’s net worth was changed from $200 million in the initial report, to “well over $800 million” in a later update. More market analysis on Pera’s firm Ubiquiti can be found here.
Communications magnate Robert J. Pera just agreed a fee to buy the Memphis Grizzlies earlier this week, but already his bid may be in trouble. A rough week at the market for Pera’s communications technology firm Ubiquiti networks is to blame, according to a report from the New York Daily News.
Ubiquiti’s stock has fallen precipitously over the last two weeks, a drop that affects not just the company but also Pera’s personal net worth. Valued at nearly $1 billion just two weeks ago, Pera is now believed to sit closer to $200 million, less than the $350 million he bid for the Grizzlies, according to the report. If Pera’s bid does fall apart, current owner Michael Heisley will retain control of the team.