The sale of the Memphis Grizzlies to a group headed by 34-year-old billionaire Robert Pera was unanimously approved Thursday by the NBA Board of Governors meeting in New York.
"Robert will no doubt bring great energy and passion to the franchise," NBA commissioner David Stern said. "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."
Pera, who founded wireless-company Ubiquiti Networks, and his investor group reportedly paid around $350 million to outgoing owner Michael Heisley for the Grizzlies.
Minority owners in Pera's group are reported to be entertainer Justin Timberlake, football star Peyton Manning and his wife, and former NBA player Penny Hardaway.