SBD/August 6, 2012/Franchises

Pera's Ubiquiti Company Under Scrutiny Amid Interest In Purchasing Grizzlies

Robert Pera called Ubiquiti's financial situation "short-term irritation"
Prospective Grizzlies Owner Robert Pera’s interest in buying the team “puts him and his company, Ubiquiti Networks Inc., in the spotlight during a time when Ubiquiti is mired in controversy and has seen its stock price fall more than 60 percent since early May,” according to Diana Samuels of the SILICON VALLEY/SAN JOSE BUSINESS JOURNAL. The stock drop has “caused people to question whether Pera can afford the team.” Pera said of Ubiquiti, “I think in the long run we’ll be OK. I think we’re looking at some short-term irritation, and it’s irrelevant to our long-term goals.” The NBA “should be going through an extensive vetting process,” which will include Ubiquiti’s “recent controversies, such as an acknowledgement that the company’s products were illegally sold into Iran” (SILICON VALLEY/SAN JOSE BUSINESS JOURNAL, 8/3 issue). In Memphis, Ronald Tillery noted Pera has “continued to be on the offensive in Memphis as he awaits NBA approval.” Pera is “actively seeking local partners.” He flew to Colorado “last month to meet with AutoZone founder and current local partner J.R. ‘Pitt’ Hyde,” and he also has “been in Memphis recently.” It is unclear “with whom he met, though sources confirmed he met with FedEx CEO Fred Smith and other FedEx leaders” (Memphis COMMERCIAL APPEAL, 8/4).
Return to top

Related Topics:

Franchises, Memphis Grizzlies

Video Powered By - Castfire CMS Powered By - Sitecore

Report a Bug