The National Basketball Association's Board of Governors voted unanimously to approve the sale of the Memphis Grizzlies to a group led by tech-sector entrepreneur Robert Pera, the league said Thursday.
NBA Commissioner David Stern hailed the decision to approve the sale of the Grizzlies to Pera, who promised to keep the team in Memphis.
"Robert will no doubt bring great energy and passion to the franchise," Stern said in a statement. "He has assembled an ownership group with very strong local ties and we anticipate that their commitment to the Memphis area will greatly benefit both the team and the community."
The new Grizzlies ownership includes actor/singer Justin Timberlake and Denver Broncos quarterback Peyton Manning and his wife, Ashley, as well as former NBA player Penny Hardaway.
Timberlake and Ashley Manning hail from the Memphis area.
Pera, 34, is the founder and CEO of California-based Ubiquiti Networks Inc., which manufactures wireless-network equipment. EFE