Apr 14, 2012; Memphis, TN, USA; Memphis Grizzlies owner Michael Heisley hides his face during a couple of free throw attempts during the second half at the FedEx Forum. Memphis Grizzlies defeated Utah Jazz 103-98. Mandatory Credit: Spruce Derden-US PRESSWIRE
Yeah, so remember when the Memphis Grizzlies got sold to Robert Pera recently. Yeah...there might be a problem with that.
According to Mitch Lawrence of the New York Daily News, the sale to Pera could be in serious trouble after his net worth completely plummeted. With that, it seems like Michael Heisley could still be the owner for right now.
Take a look:
The Memphis Grizzlies’ sale to Robert J. Pera, announced this past week, is already in serious trouble, according to league sources. Pera owns Ubiquiti Networks, a Silicon Valley communications technology company. When its stock bottomed out in the last two weeks, his net worth plummeted from $1 billion to $200 million, according to league insiders who say that unless he has some wealthy partners lined up to help him finance the sale, it will likely fall through. In that case, the Grizzlies will continue to be owned by Michael Heisley. Pera agreed to buy the team for $350 million, a figure that raised many eyebrows around the league.
Heisley had been looking for a long time of trying to find a new owner who also wouldn't relocate the team. This definitely does not help and looks like he will have to look all over again now for a new owner possibly.
However, Pera does have time to get his money in. According to the Memphis Commercial-Appeal, the bid to own the team isn't in danger yet.
Speculation to the contrary is false, according to a league source close to the process and who spoke on the condition of anonymity. The viability of Pera's bid won't be determined by the league for at least another six to eight weeks, the source said. There is no timeframe for the NBA's Board of Governors to vote on approval of the sale, though the hope of those familiar with the deal is for a decision to come by the end of the summer.
So there is time, but Pera will need help from his "wealthy partners lined up to help him," or in other words I say friends maybe.
What do you think of this situation right now?