A 34-Year-Old Tech Magnate Is About To Buy The Memphis Grizzlies For $350 Million

NBA Memphis Grizzlies

Photo: AP

Robert Pera, founder of Ubiquiti Networks and self-made billionaire, has agreed in principle to buy the Memphis Grizzlies from current owner Michael Heisley for a price somewhere around $350 million, according to an ESPN.com report.Pera does not intend the move the Grizzlies out of Memphis, and team has a lease on the FedExForum until 2021. The Grizzlies moved to Memphis from Vancouver in 2001.

Pera, at just 34 years old, was one of the youngest billionaires in the world according to Forbes.

He started his career as a developer at Apple, leaving in 2005 to start Ubiquiti Networks, a manufacturer of wireless products.

Ubiquiti Networks’ value recently dropped more than 17% after the company was linked to the Chinese mafia, though Pera denied the allegations.

As a result of the stock price hit, Pera slipped from the ranks of the world’s billionaires, and is currently estimated to have a net worth of $980 million.

Though the sale still has to be approved by the NBA, Marc Stein has reported that Pera has already given Heisley a sizable deposit:

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