Grizz Sale Hits Major Snag - FOX13 News, WHBQ FOX 13

Grizz Sale Hits Major Snag

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Memphis, TN -

The sale of the Memphis Grizzlies to Robert Pera may have hit a serious roadblock.

According to the New York Daily News, Michael Heisley's sale of the team is already in serious trouble. The article says that the company Pera owns, Ubiquiti Networks, a silicon valley communications technology company, has lost millions after their stock bottomed out in the last two weeks.

Meaning, Pera's net worth plummeted from $1 billion to $200 million, according to league insiders who say that unless he has some wealthy partners lined up to help him finance the sale, it will likely fall through.

The sale of the Grizzlies was for a reported $350 million.

Pera had already given owner Michael Heisley a $10 million deposit on the team.

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