HoopsHype.com Rumors

Grizzlies owner Michael Heisley said today that a Forbes magazine report that indicated a local group made a bid to buy the team if Robert Pera’s bid fails is not accurate. “There is no other deal on the table,” Heisley said this afternoon. “We’re working with Pera and we have no reason to believe he won’t perform.” Memphis Commercial Appeal

Memphis Grizzlies, Michael Heisley, Robert Pera 

The NBA's vetting of Robert Pera has just begun and his bid to buy the Grizzlies is not in serious trouble despite a published report. Speculation to the contrary is false, according to a league source close to the process and who spoke on the condition of anonymity. The viability of Pera's bid won't be determined by the league for at least another six to eight weeks, the source said. Memphis Commercial Appeal

Memphis Grizzlies, Michael Heisley, Robert Pera 

Not only is Pera alone in his bid to buy the Griz to date but he remains committed to join the NBA despite his company's loss in momentum, according to a source with knowledge of the deal. Memphis Commercial Appeal

Memphis Grizzlies, Michael Heisley, Robert Pera 

"I want the best for our team," forward Zach Randolph said. "As long as he's going to be an owner that's into it and cares about it with a passion then it'll be a good thing. I like Mr. Heisley, so I definitely care about who owns it." Memphis Commercial Appeal

Memphis Grizzlies, Zach Randolph, Michael Heisley, Robert Pera 

Geoff Calkins: To correct one thing: Heisley told me the real price is 335 million, not 350 or 360 or any of the other numbers out there. Twitter

Memphis Grizzlies, Michael Heisley, Robert Pera 

The Memphis Grizzlies’ sale to Robert J. Pera, announced this past week, is already in serious trouble, according to league sources. Pera owns Ubiquiti Networks, a Silicon Valley communications technology company. When its stock bottomed out in the last two weeks, his net worth plummeted from $1 billion to $200 million, according to league insiders who say that unless he has some wealthy partners lined up to help him finance the sale, it will likely fall through. In that case, the Grizzlies will continue to be owned by Michael Heisley. Pera agreed to buy the team for $350 million, a figure that raised many eyebrows around the league. New York Daily News

Memphis Grizzlies, Michael Heisley, Robert Pera 

Recent losses in his company's stock have battered prospective Grizzlies owner Robert Pera's net worth, according to Forbes magazine estimates, but that doesn't necessarily mean he would be one of the "poorer" owners in the NBA. A dozen NBA owners appear in the Forbes list of the 400 richest Americans, which begins at about $1 billion in net worth. Memphis Commercial Appeal

Memphis Grizzlies, Michael Heisley, Robert Pera 

Pera's net worth, according to Forbes, is now a little under $1 billion after being as high as $1.5 billion. Memphis Commercial Appeal

Memphis Grizzlies, Michael Heisley, Robert Pera 

Though Pera signed an ownership agreement Monday afternoon, the sale from current Grizzlies owner Michael Heisley won't be official until three-quarters of that board votes "yes" on the deal. The NBA will begin its vetting of Pera upon receipt of a formal application for ownership. When the vetting process is over, the board will vote on whether to approve the sale. There is no timeframe for the approval to come, though the hope of those familiar with the sale is by the end of the summer. Memphis Commercial Appeal

Memphis Grizzlies, Michael Heisley 

Heisley had had discussions last year with billionaire Larry Ellison, who has been looking to buy an NBA team. But the discussions stalled when Ellison made clear his desire to move the Grizzlies to California. "We were not interested in getting involved in a relocation discussion," Heisley said Monday. "Mr. Ellison chose to go to the paper in San Jose, or one of his people did, which really did not please me too much." NBA.com

Memphis Grizzlies, Michael Heisley, Larry Ellison, Owners 

The only way that the lease, which runs through 2021, can be broken is if the Grizzlies fail to meet certain benchmarks in either attendance, suite sales or club seat sales at the arena. If the Grizzlies fall short, according to a source with knowledge of the terms of the lease, Heisley could sell the team, but the city would have the right of first refusal to match the sale price. If the city didn't match, the new owner would be free to leave if he paid the buyout terms in full. NBA.com

Memphis Grizzlies, Michael Heisley, Owners 

This past season's payment would have been $107 million, according to the source. The price drops to just under $105 million next year. In 2014, it falls to just above $101 million. In 2015, it falls below $100 million, to $97 million, and in 2016, the payment would be $94 million. NBA.com

Memphis Grizzlies, Michael Heisley, Owners 

Michael E. Heisley, the majority owner of the Memphis Grizzlies, announced today an agreement for the sale of the franchise to an entity owned by Robert J. Pera. Robert J. Pera is the founder and CEO of Ubiquiti Networks, a publicly-traded next-generation communications technology company. The sale transaction is subject to approval by the NBA Board of Governors, antitrust clearance and other conditions. The Grizzlies were purchased by Mr. Heisley in 2000 when the team was located in Vancouver, Canada. In 2001, the Grizzlies were relocated to Memphis, Tennessee, and in 2004 moved into FedExForum, a state-of-the art NBA arena built by the City of Memphis and Shelby County. Since moving to Memphis, the team has participated in the NBA playoffs for five seasons, including the two most successful campaigns in franchise history, in 2010-11 and 2011-12. NBA.com

Memphis Grizzlies, Michael Heisley 

Heisley said a contract was signed with billionaire Robert J. Pera. He said it was not discussed whether Pera ever might move the team, but that Grizzlies have an ironclad contract to remain in Memphis until at least 2021. “I have stepped aside from my companies,’’ Heisley, who has been looking to sell the team before, said in an interview with FOX Sports Florida about why he’s selling now. “I’m 75 years of age. I had a couple of medical problems this year (with his heart). I thought the team was in good shape. Fan base was in good shape. I thought if the opportunity presented itself, I would sell the team.’’ FOXSports Florida

Memphis Grizzlies, Michael Heisley 

ESPN.com, which first reported the team would be sold to Pera, put the sales price in the range of $350 million. Heisley, who will give up 100 percent of ownership, said that figure is “in the ballpark.’’ “I will say it’s in the 3-something,’’ said Heisley, referring to $300 million. FOXSports Florida

Memphis Grizzlies, Michael Heisley 

“I want to make this really clear,’’ Heisley said. “The league has not approved this. This is at least a 30- to 60-day process.’’ FOXSports Florida

Memphis Grizzlies, Michael Heisley 

“I've had my surgery on my heart. I’m just saying when you get to be my age and things start happening, it makes you suddenly realize if you're going to make these kinds of decisions, you got to make them while you're healthy. You don’t want to be making them on a hospital bed.’’ FOXSports Florida

Memphis Grizzlies, Michael Heisley 

While Heisley said it has never come up with Pera about whether the team will or will not eventually move, Heisley stressed it would be almost impossible for the Grizzlies to get out of their lease with the city to use FedExForum before it expires in 2021. “This has nothing to do with either staying or it’s moving,’’ Heisley said. “We still have … nine years left on a contract with the city to stay in the city. I have not yet figured how people … think somebody is going to buy the team and leave. It’s going to be here for a while.’’ However, Heisley did acknowledge, “We can’t make somebody stay here forever.’’ FOXSports Florida

Memphis Grizzlies, Michael Heisley 

Pera is the founder and CEO of Ubiquiti Networks, a publicly traded communications technology company. Just 34 years old, he was a wireless engineer with Apple before leaving the technology giant in 2005 to start Ubiquiti, which went public in 2011, making Pera a billionaire. SheridanHoops

Memphis Grizzlies, Michael Heisley 

After two consecutive trips to the playoffs and a return to respectability in the Western Conference, Michael Heisley has found a buyer to purchase the Memphis Grizzlies, according to sources with knowledge of the owner's plans. 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. ESPN.com

Memphis Grizzlies, Michael Heisley, Owners, Robert Pera