The Memphis Grizzlies have hired Jason Levien to become the team's new CEO and managing partner.

Robert Pera's purchase of the Grizzlies was approved by the NBA's board of governors last month.

Levien, a former player agent, was previously an executive with the Kings and a minority owner of the 76ers.

Levien will have ultimate say on personnel and on-court matters and will oversee current general manager Chris Wallace.

Sources ay Levien took a lead role in recruiting minority owners of the Grizzlies such as Justin Timberlake and Peyton Manning.