New York -- The NBA Board of Governors has unanimously approved the sale of the Memphis Grizzlies to an investor group led by Robert Pera.

"We are delighted that the NBA's Board of Governors has approved Robert Pera's purchase of the Grizzlies," said NBA Commissioner David Stern. "Robert will no doubt bring great energy and passion to the franchise. He has assembled an ownership group with very strong local ties, and we anticipate that their commitment to the Memphis area will greatly benefit both the team and the community."

In other board action, Spurs Sports and Entertainment Chairman and CEO Peter Holt has been elected Chairman of the NBA Board of Governors.

Holt replaces Minnesota Timberwolves majority owner Glen Taylor, who has served as Chairman since October 2008. Holt has been a member of the Board of Governors for 16 years and currently serves on five of the Board's standing committees, including chairing the Audit & Compensation Committee and the Labor Relations Committee.

"Glen Taylor's wisdom and counsel over the past four years have been invaluable," Stern said. "Peter Holt's extensive Board experience and committee leadership make him an ideal choice to succeed Glen. I thank Glen for his dedicated service and commend the Board of Governors on its laudable selection of Peter as chairman."

Entering his 17th season as Chairman and CEO of the Spurs, Holt has overseen one of the most successful franchises in team sports. During Holt's tenure, the Spurs have captured four NBA championships and have won 50-plus games in 14 consecutive seasons dating back to 1999-2000.