Memphis Grizzlies Controlling Owner to Buy out 2 Minority Partners
MEMPHIS, Tenn. (AP) — Robert Pera has sent a formal notice to the NBA office that he plans to buy out two minority partners and remain controlling owner of the Memphis Grizzlies.
The Grizzlies announced Monday night that Pera both alerted the league office and shared his decision in a letter to season-ticket holders in which he also confirmed his commitment to Memphis.
The two partners triggered a "buy-sell" clause from 2012 when Pera, the founder of Ubiquiti Networks, bought the team with a handful of minority owners. The clause required Pera to either buy out the shareholders or sell Steve Kaplan and Daniel Straus his portion of the Grizzlies.
The Commercial Appeal shared a copy of Pera's email to season-ticket holders where he shared his commitment to Memphis and the Grizzlies.
"I am committed to Memphis as an NBA market and as the home of the Grizzlies," Pera wrote. "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 have snapped a seven-year playoff run and went into Monday night's game at Minnesota with a 22-58 record that was better than only Phoenix (20-61). They conclude the season Wednesday night at Oklahoma City.
Pera fired coach David Fizdale in November, but the rarely seen controlling owner has invested heavily in the franchise on and off the court. The Grizzlies renovated the locker rooms this past offseason and has added personnel in recent years. Memphis also re-signed Marc Gasol and Mike Conley at very pricey contracts while adding Chandler Parsons as an expensive free agent.
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