NBA board approves Grizzlies sale to Pera's group

MEMPHIS, Tenn. (AP) The NBA board of governors has approved Michael Heisley's sale of the Memphis Grizzlies to a group headed up by a California technology entrepreneur.

The NBA announced the sale's approval Thursday. The sale still must be finalized, and the Grizzlies said in a statement that is expected soon.

But the Grizzlies say both Heisley and Robert J. Pera will not comment until the sale is finalized because of confidentiality agreements.

Heisley agreed in June to sell the Grizzlies for a reported $350 million to Pera, founder and chief executive officer of Ubiquiti Networks, a communications technology company.

Pera has lined up a group of minority partners including Memphis businessmen, actor and singer Justin Timberlake, former NBA player Penny Hardaway and four-time NFL MVP Peyton Manning's wife, Ashley.

Updated October 25, 2012