Justin Timberlake owns memphis grizzlies…. well a minority share, nearly! – JT may soon be a minority shareholder in a pending sale of the Memphis Grizzlies is a $350 million sale goes through which will secure a future for the team in JT’s hometown.
Justin Timberlake owns Memphis Grizzlies
A bid to buy the Memphis Grizzlies thought to be worth $350 million is underway by Robert Pera, the founder of Ubiquiti Networks, Inc. 31 year old Justin Timberlake is also thought to be in on the deal and has agreed to become a minority shareholder in a deal that will seal a future in Memphis for the team for another 15 years or so.
Pera is undergoing vetting by the NBA but it’s not totally clear if it will be approved. If it is approved then Justin Timberlake will join as a minority owner which will see him join the ranks of musicians such as Jay-Z with stakes in sports teams. AutoZone founder J.R. Hyde and financier Staley Cates will also stay on as minority shareholders.
Full details can be found on the Commercial Appeal website.
It seems pretty cool that famous fans and residents of towns come back to support things like sports teams financially but what do you actually think about it? Is it a good thing for rich celebrities to buy their way into beloved teams or is it just fair game and business for whoever can afford it? Should sports be brought down a notch and have such large money aspects taken away and a more amateur feel brought back with the need for these big money deals to be taken away? Do you have any other thoughts or comments to share?
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