Instead, John McCaw sold the team to Chicago-based Michael Heisley for US$160 million. At the time he stated that he intended to keep the team in Vancouver, but immediately started a process to find a suitable relocation city in the US. Cities considered for relocation of the team included Memphis, Nashville, Las Vegas, New Orleans, St. Louis, Anaheim, San Diego, Buffalo and Louisville. Despite the need for the construction of a new venue to house the team on a permanent basis, Memphis was announced as the recipient city, pending league approval on 26 March 2001. The NBA Board of Governors approved the move on 4 July 2001.

The Vancouver Grizzlies relocation to Memphis was a successful effort by the ownership group of the Vancouver Grizzlies to move the basketball team from the Canadian city of Vancouver, British Columbia, to the U.S. city of Memphis, Tennessee. The team began play as the Memphis Grizzlies in the 2001 – 2002 season. It was the first of three National Basketball Association (NBA) franchise moves between 2001 and 2008, and the third of four major league teams to relocate from Canada to the United States between 1995 and 2005.

FedExForum is an arena located in downtown Memphis, Tennessee. It is the home of the Memphis Grizzlies of the NBA, whom previously played home games at the Pyramid Arena. The arena officially opened in September 2004 after much debate and also a derecho wind storm on July 22, 2003 that nearly brought down the cranes that were building it near the famed Beale Street. It was built at a cost of $250 million and is owned by the City of Memphis; naming rights were purchased by one of Memphis’ most well-known businesses, FedEx, for $92 million. FedExForum was financed using $250 million of public bonds, which were issued by the Memphis Public Building Authority (PBA).

On June 11, 2012, sources told ESPN.com that Michael Heisley had an agreement in principle to sell the Memphis Grizzlies to Robert Pera. The official sale of the Memphis Grizzlies to Pera was approved on October 25, 2012. Building on the successes of his predecessor, Michael Heisley, Pera has made significant investments into the Grizzlies, bolstering its business and basketball operations teams and transforming the Grizzlies into a world class organization. Under Pera’s stewardship, the Grizzlies have experienced success, including a club-record 56-win season and the club’s first appearance in the Western Conference Finals. The Grizzlies have also won more playoff games during Pera’s two-year tenure than during the 17 seasons prior.

Pera is a strong supporter of the Grizzlies Foundation, a sports charity which operates in Memphis.