According to reports from ESPN, Justin Timberlake is looking to become a minority owner of his home-town Memphis Grizzlies. Robert Pera, CEO of Ubiquiti Networks, is in the process of purchasing the Grizzlies and is looking to recruit other partners to help pay the bill. It was reported in June that Pera was ready to pay $350 million for the franchise.
Sources told ESPN.com that Timberlake and Pera have quickly struck up a friendship, with one source adding that the singer/actor is making “a meaningful investment into the team” and “plans to be active” with the Grizzlies. The league office, sources said, has been made aware of Timberlake’s proposed involvement and is already well acquainted with him after inviting the self-proclaimed basketball junkie to participate in various celebrity games at All-Star Weekend.
It is unclear how much money Timberlake will be investing, but either way, he will be an active member of the franchise. Not only does Timberlake offer valuable money for Pera, but his persona and charisma is something that will help a small market team like Memphis.
In addition to Pera’s partnership with Timberlake, it seems as though he has also recruited five local businesses to join his cause and purchase one-third of the franchise.
With Timberlake expected to become a minority owner of the Memphis Grizzlies, he will join Jay-Z (Brooklyn Nets), Usher (Cleveland Cavaliers) and Will Smith (Philadelphia 76ers) as members of Hollywood that made their way to the NBA.