On June 11, Michael Heisley reportedly had an agreement in principle to sell the Memphis Grizzlies to communications technology magnate Robert J. Pera, who at 34 had a spot on Forbes' 2012 list of the 10 youngest billionaires in the world. The purchase price was in the $350 million range. On August 23, Pera reached an agreement with a group of local partners including J.R. "Pitt" Hyde, Staley Cates, Ed Dobbs, Duncan Williams and Billy Orgel. On October 25, Robert Pera was officially approved as the owner of the Memphis Grizzlies. On November 4, Pera named Jason Levien the Chief Executive Officer and Managing Partner of the Memphis Grizzlies. On December 13, 2012, ESPN announced that John Hollinger was hired by the Grizzlies as their new vice president of basketball operations.