Michael Heisley, the majority owner of the Memphis Grizzlies, said he had reached a deal to sell the NBA club to an entity owned by technology magnate Robert Pera.
Heisley, who bought the Vancouver Grizzlies in 2000 before they moved to Memphis in 2001, said in a statement he has enjoyed the support the team has received in its current home.
"I am confident that the franchise will continue its development toward being a perennial championship contender and an important member of the Memphis community," he said. "I am particularly gratified that we have put together a team which is poised to continue its improvement."
Pera is the founder and chief executive of the communications technology company Ubiquiti Networks. The 34-year-old is on Forbes' list of the 10 youngest billionaires in the world.
ESPN.com, citing unnamed sources, said the purchase price is in the $350 million range and that Heisley received an eight-figure deposit from Pera.
The sale is subject to the approval of the NBA board of governors.
"We have an outstanding team of players, coaching staff, and basketball and business management," Heisley said. "In (Pera), we have a new owner who has expressed a total commitment to build on our success in Memphis."