SBD/September 7, 2012/Franchises

Sources: Justin Timberlake Joining Prospective Grizzlies Owner Pera As Minority Partner

Timberlake is expected to make "a meaningful investment" in the Grizzlies
Entertainer Justin Timberlake, a Memphis native, “has committed to joining” prospective Grizzlies Owner Robert Pera's team of minority partners as the sale of the franchise nears completion, according to sources cited by Marc Stein of ESPN.com. Sources said that Timberlake and Pera have “quickly struck up a friendship.” One source said Timberlake is making "a meaningful investment into the team" and "plans to be active" with the Grizzlies. Stein noted last month it emerged that Pera “already has agreed to terms with five other local partners to purchase up to one-third of the franchise.” Sources said that “the fact that Pera is committed to Memphis...was one of the key factors that triggered Timberlake's desire to get involved.” Sources added that Pera and Timberlake “have bonded over the star's keen interest in technology” (ESPN.com, 9/6). In Memphis, Kyle Veazey reports “Pera representatives have been in Memphis recently on what was called a ‘listening tour’ and an effort to secure local minority owners.” Pera is “believed to have agreed" to a $350M purchase price for the team (Memphis COMMERCIAL APPEAL, 9/7).
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