The NBA Board of Governors has unanimously approved the sale of the Memphis Grizzlies to an investor group led by Robert Pera.
Grizzlies majority owner Michael E. Heisley announced in June he had found a buyer for the team, and the sale awaited the league's approval.
"We are delighted that the NBA's Board of Governors has approved Robert Pera's purchase of the Grizzlies," NBA commissioner David Stern said in a statement Thursday. "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."
Pera is the founder and CEO of the communications technology company Ubiquiti Networks, which is based in San Jose, Calif.
The Grizzlies finished last season in second place in the Western Conference's Southwest Division with a 41-25 record. They were knocked out of the playoffs in the first round by the Los Angeles Clippers in seven games.