Justin Timberlake is looking to become the next Jay-Z. And no, JT is not trying his hand at rap. Instead, the 31-year-old singer has reportedly joined Robert Pera, CEO of the wireless technology hardware company Ubiquiti Networks, and the rest of his minority partners as the future owners of the Memphis Grizzlies.

As Marc Stein reports, Timberlake bonded with Pera through his interest in technology. Soon after, the two quickly built a friendship that eventually led to Justin's willingness to make "a meaningful investment into the team" wherein he "plans to be active" with the Grizzlies. It is believed that JT's interest in becoming a minority owner heightened after Pera made it clear that he doesn't plan on moving the franchise out of Memphis, which happens to be the singer's hometown.

Back in June, Pera agreed to purchase the Grizzlies from Michael Heisley for an estimated $350 million. While the deal has yet to receive formal approval from the NBA, it is believed that everything is on pace and should be finalized by the start of the upcoming regular season.

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[via ESPN]