Justin Timberlake joins bid to buy NBA's Grizzlies

Associated Press Modified: September 7, 2012 at 3:18 pm •  Published: September 7, 2012

MEMPHIS, Tenn. (AP) — Award-winning singer and actor Justin Timberlake has agreed to be part of the ownership group assembled by billionaire Robert Pera in his attempt to buy the Memphis Grizzlies, said a person familiar with the situation.

The person said Friday that Pera "has assembled a strong ownership group that includes Justin Timberlake, other community leaders from Memphis, and highly strategic national partners." The person spoke to The Associated Press on condition of anonymity because the NBA has yet to approve the final purchase of the team.

Pera agreed in June to buy the Grizzlies from Michael Heisley for reportedly about $350 million.

Pera is a former Apple engineer who left in 2005 to start Ubiquiti Networks, a San Jose, Calif.-based communications technology company that makes WiFi networking equipment. He became a billionaire in October 2011 when his company went public with a fortune estimated at $1.5 billion in March.

Timberlake, 31, grew up near Millington, a suburb of Memphis. In the past few years, he helped renovate a golf course northeast of Memphis.

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