MEMPHIS, TENN. - The majority owner of the Memphis Grizzlies says he has found a buyer for the team.
Michael E. Heisley announced Monday an agreement to sell the Grizzlies to an entity owned by Robert J. Pera, the founder and CEO of the communications technology company Ubiquiti Networks.
In a statement, Heisley, who bought the Vancouver Grizzlies in 2000 before they moved to Memphis in 2001, said he has enjoyed his ownership and the support the team has received in its current home.
"I am confident that the franchise will continue its development toward being a perennial championship contender and an important member of the Memphis community," said Heisley. "I am particularly gratified that we have put together a team which is poised to continue its improvement.
"We have an outstanding team of players, coaching staff, and basketball and business management. In [Pera], we have a new owner who has expressed a total commitment to build on our success in Memphis."
The sale is subject to approval by the NBA Board of Governors as well as antitrust clearance and other conditions.
Pera said in a statement he was "excited about the opportunity to build on the work that has made the Memphis Grizzlies a highly competitive NBA team."
The website for Ubiquiti Networks says it's "a next-generation communications technology company" that manufactures "disruptive technology platforms for emerging markets that drive profitable business models and enable ubiquitous connectivity." Its corporate headquarters are in San Jose, California.