Justin Timberlake - Justin Timberlake To Buy Into Memphis Grizzlies
Justin Timberlake is heading back home! We don't mean back to his N*Sync days unfortunately, but instead back to his home town of Memphis, Tennessee as the singer is reportedly set to become a part-owner of the NBA franchise the Memphis Grizzlies.
ESPN reported online that potential new owner Robert Pera is set to make a takeover bid for the team and wants to have Memphis-native Timberlake on his team of minority partners. Pera, a 34-year-old technology guru, is planning on putting together a young team of passionate basketball lovers to take over from current owner Michael Heisley, who is ready to hand over the reigns to a new set of people.
Heisley bought the Grizzlies back in 2000 when the club were based in Vancouver, but with the businessman now contemplating retirement it is time for the franchise to change hands, but not cities. Pera has vowed to make sure that the Grizzlies keep their place in Memphis rather than up ship to another city, supposedly a factor that was key in establishing Timberlake's interest in joining his team.
ESPN.com reported the news back in June this that Pera, Ceo of Ubiquiti Networks, had agreed to pay a fee close to $350 million for the rights to owning the Grizzlies. Since then, shares in his company have dropped, although with a group of minority owners on his side now it looks as though the deal is ready to go under way.