For much of the 2017-2018 season, the Memphis Grizzlies have been a punchline based on their on-court performance. Even if some of the team’s performance issues can be traced back to injury (particularly to the absence of Mike Conley), another shadow has loomed over the franchise, as the team’s ownership has been in something of a limbo based on a “buy-sell” clause triggered in late November.
As The Commercial Appeal explained, Pera had to sell his shares in the franchise or buy the shares minority owners Steve Kaplan and Daniel Straus possessed at a price the pair determined. On Monday evening, word broke that Pera will be choosing the latter and he shared his vision in an email shared with season ticket holders.
“It is with intent that I referred to the ‘Memphis Grizzlies’ in the previous sentence, because I am committed to Memphis as an NBA market and as the home of the Grizzlies.
We recognize that this has been a trying season for you as fans. That serves to reinforce our dedication to continue building a successful NBA franchise. We have made significant investment in our organization in recent years and considerable strides towards our goal of sustained success. We will continue to do so and are confident that you will see the results of those investments in coming seasons.”
The team later announced the decision and the 40-year-old Pera was certainly clear in his mission to keep the Grizzlies in Memphis. Pera has been the controlling owner of the franchise since 2012 and, while it is unknown just how serious any buzz about moving the team away from its Tennessee home actually was, this public sentiment appears to squash it with haste.
UPDATE: According to ESPN’s Zach Lowe, the buy/sell agreement between Pera and other stakeholders values the Grizzlies franchise somewhere between $1.3 and $1.4 billion.
