Robert Pera has officially become the majority owner of the Memphis Grizzlies. The sale was worth $377 million.
An announcement is expected in the coming days.
Pera, who announced his intention to purchase the franchise this summer, has spent the past several months assembling a minority ownership group that includes Justin Timberlake, Penny Hardaway, Ashley Manning, Pitt Hyde, Duncan Williams and many others.
The completion of the sale now resolves some of the lingering questions about the franchise's future in Memphis. Former owner Michael Heisley had the team on the market for some time. According to terms of the deal, the new ownership group has agreed to keep the team in Memphis for another 15 years.
The Grizzlies open their 2012-13 season Wednesday, Oct. 31 in Los Angeles against the Clippers. The home opener is Monday, Nov. 5th against the Utah Jazz.
Grizzlies prepare for season under new ownershipMore>>