April 10, 2018, 10:33 amMarc GasolC, Memphis Grizzlies
Grizzlies’ owner Robert Pera sent an email to season ticket holders on Monday informing them of his decision to keep the team.
Under a buy/sell arrangement, Pera had to commit to either buying the shares of minority owners Steve Kaplan and Daniel Straus at a valuation price set by them, or Pera could have decided to sell his shares of the team at that price. It wasn’t immediately known what valuation Kaplan or Straus set but Forbes recently published a valuation of the Grizzlies at roughly $1 billion. Pera’s percentage of ownership, if the deal is as cut-and-dry as it seems, will increase from roughly 26 percent to roughly 54 percent. He was already the franchise’s controlling owner and will now remain so, with an even higher stake which is good news for the fans in Memphis as the team will most likely stay put.
Source: Memphis Commercial Appeal