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Report: Memphis Grizzlies to Be Sold to 'Young' Billionaire Robert Pera

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It's been public knowledge for some time now that Grizzlies owner Michael Heisley has been looking for someone to take the team off his hands. And while some had concerns that any buyer would insist that the team be moved, possibly to Anaheim or even Chicago, Heisley has gone on record insisting that whoever he decides to sell the team to must agree to keep the team in Memphis.

Well, after a few swings and several misses, is appears as if Heisley has finally found a buyer in 34-year-old "Communications Tech Magnate," slash billionaire, Robert Pera.

ESPN, Marc Stein:

Sources told ESPN.com that Heisley has an agreement in principle to sell the team to communications technology magnate Robert Pera, who at 34 has a spot on Forbes' list of the 10 youngest billionaries in the world.

The purchase price is in the $350 million range, sources said. A formal announcement to publicize the agreement between the parties is expected this week, possibly as soon as later Monday, with NBA Board of Governors approval then required before Pera can be officially installed as successor to Heisley, who recently turned 73.

The sale is still pending league approval, so I think we should at least proceed with caution. You know how these things get sometimes... The good news is, again, it seems as if the team is going to stay in Memphis. For now. I mean, I highly doubt there's going to be anything written into the contract saying he can't move the team. But, as we saw with Larry Ellison a few months back, Heisley didn't seem interested in pursuing a sale because he felt as if Ellison would up and move the team.

We'll see how it goes... More on this as it develops.

Via, Marc Stein