(WMC-TV) – Even though the sale of the Memphis Grizzlies to Robert Pera is still pending, many Memphians are wondering about the 34-year-old who is set to own the team.
Pera founded and owns the company Ubitquiti Networks. It sells and markets Internet access products.
Senior Wall Street Analyst Herb Greenberg has been following the news of Ubitquiti Networks as part of his coverage for CNBC.
"The company has been a very fast grower in Silicon Valley during a compressed period of time," explained Greenberg. "A lot of its business is done overseas. It's generated a good deal of controversy."
Controversy stirred when some of the company's products went to Iran through a middle east distributor, which is against U.S. policy.
Now, Memphians are scratching their heads at the news that a deal to purchase the Memphis Grizzlies is pending.
"Usually you don't see this until you've sold out of company, you've walked away, or you've been in business for many years," said Greenberg.
Greenberg says Pera's company is still in its infant stages and needs his total focus and attention right now. He said an NBA franchise craves an enormous amount of attention.
"Not saying that this guy won't be Mark Cuban one day, but he still has to work for a living he still has investors, public investors relying on his leadership," said Greenberg.
Wall Street analysts admit Robert Pera is a newcomer. They do not know much about him and are not sure how his business background will translate to owning the Memphis Grizzlies.
Robert Pera did release a statement Monday. It said he is looking forward to getting to know the Memphis community and continuing the team's success in Memphis.
The NBA still has to approve the deal. That approval could happen as soon as this week or next.