Michael Heisley finds potential Memphis Grizzlies buyer in Robert Pera
Robert Pera’s name is well-recognized across the business world. Forbes’ named Robert Pera in its’ list of top 10 youngest billionaires. Robert Pera is a great basketball enthusiast and reportedly engages in the sport at least four to five times in a week.
The 34-year-old Robert Pera emerged as a business tycoon when at the age of 25, he left an engineering position with the technology and electronics giant apple, to start his own company. Since then, Robert Pera’s business has prospered well and he holds’ 64-percent shares in Ubiquiti Networks, the foundations of which were laid by himself. Robert Pera, who ius familiar with Chinese as well as Japanese, has worldwide business connections and manages the company’s operations out of Taiwan and San Jose.
Prior to Robert Pera’s interest in the Memphis Grizzlies, California billionaire Larry Ellison had been the most significant potential buyer for the franchise. However, Michael Heisley was desperately trying to find other buyers as he did not prefer Larry Ellison’s’ plans for the Memphis Grizzlies. Michael Heisley was reluctant since Larry Ellison reportedly wished to shift the Memphis Grizzlies to another location.
"We're not even considering Ellison," Michael Heisley said refusing to give in to Larry Ellison’s demands. "This team cannot be moved."
The plans of relocation would have cost the Memphis Grizzlies in millions since the franchise has a binding lease agreement on the FedExForum until 2012. Relocation would have resulted in heavy fines according to the lease-breakage clause.
Michael Heisley had been scouring the market following losses in a business venture, funded by the sale of 70 percent of his shares in the Memphis Grizzlies during 2006. Michael Heisley’s efforts to adjust the losses through a February trade of Pau Gasol to the Los Angeles Lakers only infuriated the fans regarding his bad management tactics. However, Michael Heisley had been making amends by pooling in money to the Memphis Grizlies during the last two years, which resulted in a revival for the franchise.
Michael Heisley, who is a native of Chicago, may now be officially handing over the ownership right to the Memphis Grizzlies for a mighty $350million to Robert Pera any time next week in a press conference. Of course the process will only go through once Michael Heisley has the league’s approval.