Owner Michael Heisley entered a purchase agreement to sell the Memphis Grizzlies to communications technology billionaire Robert Pera.
Sports Business Journal first reported the pending move, with a purchase price between $340 million and $355 million.
Pera is a hoops fanatic and plans to keep the team in Memphis. The Grizzlies would face significant penalties for breaking their lease at FedExForum before the current deal expires in 2021.
Pera, 34, started Ubiquiti Networks at age 25 after leaving his engineering job at Apple. The manufacturer of wireless products focuses on underserved and emerging markets.
Heisley, 75, is based in Chicago and bought the Grizzlies in 2000, when they were based in Vancouver. He relocated the team to Memphis in 2001.