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Chairman commits to Memphis

Updated: October 31, 2012, 5:15 PM ET
Associated Press

MEMPHIS, Tenn. -- The Memphis Grizzlies have changed owners officially, and the new bosses want to make clear their commitment to staying in Tennessee very clear.

"The Grizzlies are here to stay in Memphis," new Grizzlies chairman Robert J. Pera said.

The Grizzlies announced Wednesday that the reported $377 million sale by Michael Heisley had been finalized to a group led by Pera, a former Apple engineer who founded the communications technology company Ubiquiti Networks. The group ...

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