The NBA just announced the approval of the sale of the Grizzlies from Michael Heisley to the group led by Robert Pera. Completion of the transaction is still pending a final agreement between the two sides, which should come in the very near future.
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The NBA’s announcement:
NBA BOARD OF GOVERNORS UNANIMOUSLY APPROVES SALE OF MEMPHIS GRIZZLIES TO ROBERT PERA
NEW YORK, Oct. 25, 2012 — The NBA Board of Governors has unanimously approved the sale of the Memphis Grizzlies to an investor group led by Robert Pera.
“We are delighted that the NBA’s Board of Governors has approved Robert Pera’s purchase of the Grizzlies,” said NBA Commissioner David Stern. “Robert will no doubt bring great energy and passion to the franchise. He has assembled an ownership group with very strong local ties, and we anticipate that their commitment to the Memphis area will greatly benefit both the team and the community.”