Michael Heisley has reached an agreement in principle to sell the Grizzlies to Robert Pera.
Pera is a 34-year-old majority owner of Ubiquiti Networks and plays basketball several times per week.
Sources say that Pera intends to keep the team in Memphis. The Grizzlies' lease at the FedExForum, furthermore, ties the team to the city until the year 2021.
Pera splits his time between Taiwan and San Jose.
Heisley didn't consider selling to Larry Ellison, who sought relocation from Memphis.