By Rick Horrow and Karla Swatek
October 15, 2012
A month ago, people in NBA circles were worried about the stability of prospective Memphis Grizzlies owner Robert Pera’s $350 million bid. The 34-year-old founder and CEO of Ubiquiti Networks had seen his net worth fall by more than $500 million amid his company being investigated for illegally selling products to Iran. What better way to quiet those doubters by putting together a star-studded group of minority investors?
A person familiar with the purchase says Broncos QB Peyton Manning and former NBA All-Star Penny Hardaway will be among Pera’s limited partners, joining a group that also includes Justin Timberlake and former Tennessee congressman Harold Ford, Jr. With so many high-profile partners, Pera is bringing excitement to his bid, along with security that he’ll keep the team in Memphis. It should only be a matter of time until he’s officially approved as an NBA owner.