2012 Memphis Grizzlies Sale
On June 11, 2012, sources told ESPN.com that Michael Heisley has an agreement in principle to sell the Memphis Grizzlies to communications technology magnate Robert J. 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 soon with NBA Board of Governors approval then required before Pera can be officially installed as successor to Heisley, who recently turned 75.
On August 23, 2012, prospective Grizzlies owner Robert Pera reached an agreement with a group of local partners including J.R. "Pitt" Hyde, Staley Cates, Ed Dobbs, Duncan Williams and Billy Orgel that will practically guarantee the franchise's future in Memphis for another 15 years.
On October 25, 2012, Robert Pera was officially approved as the owner of the Memphis Grizzlies. On November 4, 2012, Pera named Jason Levien the Chief Executive Officer and Managing Partner of the Memphis Grizzlies.
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“People buy their necessities in shops and have to pay dearly for them because they have to assist in paying for what is also on sale there but only rarely finds purchasers: the luxury and amusement goods. So it is that luxury continually imposes a tax on the simple people who have to do without it.”
—Friedrich Nietzsche (1844–1900)