Justin Timberlake, NBA owner? He's buying a piece of the Memphis Grizzlies
Timberlake, who grew up near Memphis, Tenn., is set to become a limited partner in a group that wants to buy the NBA's Memphis Grizzlies, the Commercial Appeal reports. Current owner Michael Heisey is looking to sell the team, which has made the playoffs each of the past two seasons.
The leader in the bid is Robert Pera, the CEO of wireless technology company Ubiquiti Networks. Terms of the deal will likely keep the Grizzlies in Memphis for the next 15 years.
Timberlake has invested a lot in his hometown over the years. He owns a public golf course in Memphis and has donated thousands of dollars to support the city's fabled music scene. He's also a big hoops fan -- he's a regular courtside at Los Angeles Lakers games and has played in the league's celebrity game during All-Star weekend in the past.
There's no word on how big his stake in Pera's group will be (the league still has to approve the sale as well). Jay-Z owns a very small piece -- less than 1 percent -- of the Brooklyn Nets but is often mentioned as a key player in the team's move from New Jersey beginning with the 2012-13 season.