Memphis Grizzlies owner Robert Pera announced his decision to retain majority control of the team on Monday. He made the announcement through an e-mail sent to all season-ticket holders, vowing to keep the franchise in Memphis.
Grizzlies owner Robert Pera says he won’t sell or move the team
Amid Memphis’ worst season this decade, Pera will retain controlling interest in the Grizzlies.
Nelson Chenault-USA TODAY Sports
When Pera originally became Grizzlies’ majority owner in 2012, he agreed to a buy-sell arrangement with minority owners Daniel Straus and Steve Kaplan. Either one of Straus Kaplan had the right to invoke the clause beginning in December, according to The Athletic’s Jon Krawcynski, which would set a new valuation for the franchise. It also posed Pera with a new decision to make: buy out either Straus or Kaplan’s stake in the team to keep control, or sell his majority share at the newly established value.
With Pera now sending formal notice to the league office, he is expected to meet the minority owners’ price to keep the team moving forward.
Pera’s decision comes on the tail end of one of the worst seasons in Grizzlies history. Memphis will record fewer than 25 wins for the first time since the 2009-10 season, an unfortunate swing for a team that has been a contender each of the past seven seasons.
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