Pera becomes Grizzlies owner

Michael Pera, 34, has become the new majority owner of the Memphis Grizzlies.  Reports indicate that Pera's group paid $377 million for the team.  Pera has recruited a wide range of investors to join his bid, including local businessmen such as AutoZone founder J.R. "Pitt" Hyde, investments manager Staley Cates, financier Duncan Williams, investor Edward Dobbs and cellphone tower developer Billy Orgel. Performer Justin Timberlake, who has Shelby County roots; Memphis native Ashley Manning and her husband Peyton Manning, the NFL and former University of Tennessee quarterback; Tiger basketball legends Penny Hardaway and Elliot Perry; and former Congressman Harold Ford Jr. are also part of Pera's ownership group.