Grizzlies controlling owner to buy out two partners
Memphis Grizzlies controlling owner Robert Pera sent notice to the league office that he plans to buy out two minority partners and remain in charge of the team, the Grizzlies announced Monday.
The transaction is the result of a "buy-sell" clause put in place when Pera bought the team with a group of minority owners in 2012. His two largest partners, Steve Kaplan and Daniel Straus, exercised the clause in November, requiring Pera to either buy out the shareholders or sell his portion of the team to Kaplan and Straus.
The clause values the team between $1.3 billion and $1.4 billion, according to a report from ESPN.
"I am committed to Memphis as an NBA market and as the home of the Grizzlies," Pera wrote in a letter sent to all season-ticket holders. "We recognize that this has been a trying season for you as fans. That serves to reinforce our dedication to building a successful NBA franchise."
The Grizzlies will miss the playoffs this season for the first time since 2009-10. They fired head coach David Fizdale after a 7-12 start but did not dismantle a roster that features three players with annual salaries over $22 million: Marc Gasol, Mike Conley and Chandler Parsons.
After Memphis' 113-94 loss to the Minnesota Timberwolves on Monday, the Grizzlies are 22-59 with one game remaining in the regular season. Memphis clinched the second-worst record in the NBA, better than only the Phoenix Suns (20-61).
--Field Level Media
