Communications magnate Robert J. Pera just agreed a fee to buy the Memphis Grizzlies earlier this week, but already his bid looks to be in trouble. A rough week at the market for Pera’s communications technology firm Ubiquiti networks is to blame, according to a report from the New York Daily News.
Ubiquiti’s stock has fallen precipitously over the last two weeks, a drop that affects not just the company but also Pera’s personal net worth. Valued at nearly $1 billion just two weeks ago, Pera is now believed to sit closer to $200 million, less than the $350 million he bid for the Grizzlies. If Pera’s bid does fall apart, current owner Michael Heisley will retain control of the team.