Does Justin Timberlake Own the Memphis Grizzlies?

by Jeremy Spirogis
Justin Timberlake smiling in front of a mic with an NFL logo

The celeb world is filled with avid sports activities followers who like to root for his or her favourite groups, from Jack Nicholson, to Spike Lee, to Mark Wahlberg. A small subset of celebrities even dream about proudly owning their very own franchises. Yet with most American sports activities groups valued within the billions of {dollars}, attaining that objective can show tough for even the hugest mega-stars.

One celeb who has achieved that dream is Justin Timberlake, an proprietor of the Memphis Grizzlies NBA workforce. Numerous confusion exists about how a lot of the workforce Timberlake really owns. Here we break down the specifics of Timberlake’s involvement with the Grizzlies franchise, whereas additionally highlighting some celeb sports activities workforce house owners.

Justin Timberlake | Rich Graessle/Icon Sportswire through Getty Images

Timberlake’s stake within the Memphis Grizzlies

[embedded content]

The very first thing we have to get clear about Timberlake’s involvement with the Grizzlies is that he’s not the workforce’s solely proprietor. On the opposite, he’s one in every of many part-owners of the workforce. Timberlake obtained concerned again in 2012 when tech entrepreneur Robert Pera negotiated to buy the workforce for $377 million.

Pera himself put up $45 million of that value, giving him the bulk possession stake. Over 20 different events got here on board to get a bit of the pie. Timberlake’s involvement got here through the funding group Tennman Sports, LLC, who put $5 million towards the acquisition. That gave Timberlake’s group a 2.84% possession stake within the workforce.

In different phrases, Timberlake solely owns a small sliver of the pie. Even at that stage, nonetheless, the funding has finally proved fairly profitable. As of 2018, the Grizzlies franchise was valued at $1.three billion—greater than 4 occasions what Pera’s possession group sank into it only a scant six years earlier.

Timberlake’s reference to Memphis

Back in 2012 when Timberlake obtained concerned within the Grizzlies buy, many followers discovered themselves questioning why he had any curiosity in shopping for a sports activities workforce positioned in Tennessee. Wouldn’t it make extra sense for Timberlake to become involved with a franchise positioned in a extra high-profile American metropolis? After all, Timberlake has been a frequent sight at Los Angeles Lakers video games for years.

The choice to become involved in Memphis rested on two components. The first was the chance. The probability to put money into an American skilled sports activities workforce simply doesn’t open up all that always. The second issue was private: Timberlake was born in Memphis, and spent his childhood rising up in close by Shelby Forest.

The Grizzlies didn’t find yourself in Memphis till 2001, that means Timberlake didn’t develop up watching Grizzlies. Still, the hometown connection was compelling sufficient for him to get on board with a minority possession stake. Simply put, the chance gave Timberlake a change to gasoline his love of basketball, whereas additionally exhibiting assist for his hometown.

Some different celeb sports activities workforce house owners

[embedded content]

Timberlake is much from the one celeb who owns a stake in an expert sports activities workforce. In 2009, Jennifer Lopez and former husband Marc Anthony bought a small stake within the Miami Dolphins. Since 2011, Will Smith has been a minority proprietor of the Philadelphia 76ers, alongside together with his spouse, Jada Pinkett Smith.

For a short time, Jay-Z owned a bit of the Brooklyn Nets. He bought his share again in 2013, in an effort to channel the cash into Roc Nation Sports, his sports activities company business. Former late-night discuss present host David Letterman is a co-owner of the IndyCar racing workforce Rahal Letterman Lanigan Racing.

Plenty of former NBA gamers have additionally gotten into the sports activities workforce possession recreation, together with Steve Nash, A’Mare Stoudemire, and Shaquille O’Neal. Most notable, nonetheless, is Michael Jordan, who since 2010 has owned a majority stake within the Charlotte Hornets.

Leave a Comment