VOL. 127 | NO. 220 | Friday, November 09, 2012
Ubiquiti CEO Talks Grizzlies Deal With Analysts
By Andy Meek
Ubiquiti Networks CEO Robert Pera, who’s also the new controlling owner of the Memphis Grizzlies, briefly addressed the completion of the deal and touched on its financing today.
His comments came during a presentation of Ubiquiti’s latest quarterly earnings to analysts. In short, Pera said he didn’t sell any of the stock he owns in Ubiquiti to finance the Grizzlies deal.
However, the NBA required him to take steps that resulted in Pera obtaining financing for $26 million collateralizing 15 million shares of his Ubiquiti stock holdings.
“I was required by the NBA league to improve the liquidity of my personal balance sheet,” is how Pera put it to analysts.
He added: “I will remain, as always, 100 percent devoted to Ubiquiti and its future success.”
The deal closed Oct. 29. Pera will be the new Grizzlies chairman, and he’s tapped Jason Levien to be the Grizzlies CEO, running things day-to-day.
Pera and his team assembled two dozen individuals and partner entities to serve as limited partners with him.