MEMPHIS, Tenn. (AP) - The chairman of the new Grizzlies' ownership group says the NBA team is here to stay in Memphis.

The Grizzlies announced Wednesday that the reportedly $377 million sale by Michael Heisley had been finalized to a group led by Robert J. Pera, a former Apple engineer who founded the communications technology company Ubiquiti Networks.

The group includes local businessmen, entertainer Justin Timberlake, Memphis native and former NBA player Penny Hardaway, a former U.S. congressman and Ashley Manning, wife of four-time NFL MVP Peyton Manning.

Pera said in a statement they are thrilled to take over the Grizzlies and see enormous potential in how the Grizzlies bring Memphians together. He says they are committed to building a winning team.

The Grizzlies open the season Wednesday night at the Los Angeles Clippers.

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