The Memphis Grizzlies will have a two-game, season-opening road trip in the rearview mirror when they team up with new owner, Robert J. Pera, for the team's home-opener on Monday (Nov. 5.)
Pera is building his relationship with Memphis fans on this declaration: "The Grizzlies are here to stay in Memphis."
The Grizzlies announced Wednesday (Oct. 31) that the sale of the team to a group led by Pera has been formally completed. An introductory media conference will be held on Monday morning at 10 a.m. before the game against the Utah Jazz.
"We are thrilled to assume ownership of the Grizzlies. We see enormous potential and understand the role the Grizzlies play in bringing Memphians together," said Pera.
"We are committed to building a winning team with a best-in-class organizational culture, finding new and creative ways to engage with our fans, and making a positive and meaningful difference in the community."
Pera, founder and CEO of Ubiquiti Networks, a publicly-traded next-generation communications technology company, has officially assumed control of the Grizzlies and leads a group of well-respected investors.
Purchased for a reported $377 million, the group includes entertainer Justin Timberlake, former NBA player and University of Memphis standout Penny Hardaway, former U.S. Congressman Harold Ford Jr. and Ashley Manning, wife of NFL MVP Peyton Manning.
The team was sold to Pera by Michael Heisley, who owned the Grizzlies for the past 11 and moved the team from Vancouver to Memphis.
"Owning the Memphis Grizzlies has been one of the most rewarding business endeavors of my career," Michael Heisley said. "I am confident that the franchise will continue its development toward being a perennial championship contender and an important member of the Memphis community. I am particularly gratified that we have put together a team, which is poised to continue its improvement."
Heisley said Pera has expressed a total commitment to build on the success in Memphis. "Although my time as owner has come to a close, I will remain a part of Grizz Nation and will continue to support this franchise that will always hold a special place in my heart."
Pera and members of the new ownership group will be on hand at the press conference that is open to the general public. The press conference will be streamed online in its entirety at grizzlies.com.