(WMC-TV) - A source close to prospective Memphis Grizzlies owner Robert Pera told Action News 5 that Pera's deal to buy the team is not falling apart, and Pera is committed to getting a deal done.
The source addressed a report from the New York Daily News this weekend that the sale was in trouble.
In the report, league sources said unless Pera has wealthy partners ready to help finance the sale, it would likely fall through.
The report said Pera's net worth fell from more than $1 Billion to $200 million after his company, Ubiquiti Networks, had its stock plummet the past several weeks.
The source close to Pera said the report was inaccurate, valuing Pera between $750 and $800 million just based on the shares he holds in Ubiquiti Networks. The source said this money was only a portion of Pera's assets, and Pera's finances are "no issue."
On June 11 Grizzlies Majority Owner Michael Heisley agreed to sell the team to the California-based wireless software tycoon for a reported $350 million.
Pera has not spoken publicly about the sale because the NBA restricts prospective owners from making public statements about the team they are purchasing or the deal in general, said the source close to the Pera camp.
The NBA is in charge of the vetting process for any new prospective owner.
According to the Commercial Appeal, the practicality of Pera's bid won't be determined by the league for another six-to-eight weeks.
The deal must be approved by the NBA Board Of Governors, and right now there is no timetable for when that could happen.
Pera is CEO of Ubiquiti Networks, which traded as high as $35 a share on the NASDAQ May 1, but fell to as low as $11.83 last week.
Ubiquiti closed at $12.99 on Monday.