Deal for Memphis Grizzlies reached

Updated: June 11, 2012, 9:36 PM ET
By Marc Stein | ESPN.com

After two consecutive trips to the playoffs and a return to respectability in the Western Conference, Michael Heisley has at last found a buyer to purchase the Memphis Grizzlies.

The Grizzlies, confirming an earlier ESPN.com report, announced Monday that Heisley has entered into a sale agreement with Robert J. Pera, founder and CEO of the Ubiquiti Networks and who, at 34, earned a spot on Forbes' list of the 10 youngest billionaires in the world.

The purchase price is in the ...

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