Robert Pera Completes Purchase Of Grizzlies

October 31 2012 at 2:41pm CST By Luke Adams

WEDNESDAY, 2:41pm: The Grizzlies announced today that the sale of the franchise to Pera's group has officially been completed.

"The Grizzlies are here to stay in Memphis," Pera said in a statement. "We are thrilled to assume ownership of the Grizzlies. We see enormous potential and understand the role the Grizzlies play in bringing Memphians together. 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."

MONDAY, 4:58pm: Earlier this afternoon, Robert Pera's officially closed on his deal to buy the Memphis Grizzlies, according to the Memphis Commercial Appeal (Twitter link). Pera's ownership group has "paid in full," according to the tweet.

We heard earlier today from TNT's David Aldridge that the final sale price for the franchise was $377MM. While Pera's ability to produce that kind of money was called into question when his company, Ubiquiti Networks, saw its stock fall in recent months, but the 34-year-old entrepreneur strengthened his bid by bringing aboard a handful of minority partners. According to Aldridge, two of those minority owners contributed $25MM+ each to Pera's bid.

The NBA approved the sale of the Grizzlies, from Michael Heisley to Pera's group, last week. At that point, the last step that remained was Pera closing the sale with Heisley, which it appears he's done.

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