There was a lot of guarded optimism when it was announced last week that a tech billionaire from California was in line to buy the Memphis Grizzlies. That deal, which seemed like a slam dunk, might be going foul. But, it could open the door for local investors to get back in the game.
Robert Pera, the potential buyer of the Grizz, has seen his net worth has shrink by about 60 percent over the last 45 days. According to Forbes Magazine, the stock value of his company, Ubiquity, has dropped considerably. Pera owns 64 percent of the company, meaning his stash of cash has dropped proportionately.
In that same Forbes article, it's suggested that a local group will step in if Pera fails. But, that isn't necessarily new information.
Skeptics told Fox 13 that the mention of the local group coming to save the day might be little more than current owner Michael Heisley trying to put pressure on Pera to come up with the cash to seal the deal in any way possible.
The aforementioned local investors are the same group that refused to pay Heisley's asking price of $350-million for a team that Forbes says is barely worth $270-million.
The Pera deal isn't dead yet. He paid Heisley a hefty deposit.
The deal still has to be approved by the NBA.