Looks like Justin Timberlake has found a project that takes him back to his roots.
Sorry, y'all: We don't mean new music: The Tennessee native is is slated to become a part-owner of the Memphis Grizzlies.
E! News has confirmed that Timberlake will have equity ownership in the Grizzlies, pending NBA approval of the deal. A source close to the situation told E! News that Justin, along with approximately seven other investors, have formed an ownership group lead by technology entrepreneur Robert Pera.
U.S. & World
In the spring, Pera made a deal with Michael Heisley, the current owner of the Grizzlies, to purchase the team for approximately $350 million dollars. The NBA is currently reviewing the deal and must approve it.
"Robert reached out to Justin a few weeks ago and they have really hit it off," the source said. "They are approximately the same age, and working with Justin reflects the type of energy Robert will bring to the table as an NBA owner."
"Robert Pera is very committed to doing right by Memphis, and Justin's involvement reflects that commitment," the source added. Robert is excited to partner with the community."
Timberlake, 31, was born in Millington, Tenn., (just outside of Memphis) and is a longtime basketball fan. Sources told ESPN.com that entrepreneurial singer-actor is making "a meaningful investment into the team" and "plans to be active" with the Grizzlies.
If Justin adds minority NBA team owner to his rsum, he won't be only A-lister to have done so: Will Smith has a stake in the Philadelphia 76ers, and Jay-Z owns part of the Brooklyn Nets.