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Grizzlies Owner Robert Pera Will Keep His Majority Stake In The Team

Grizzlies Owner Robert Pera Will Keep His Majority Stake In The Team

Robert Pera will remain the controlling owner of the Memphis Grizzlies.

The clause gave both minority partners the right to buy the team out from Pera by naming a price for his shares - and by extension, the value of the full team. 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.

To buy the Grizzlies in 2012, Pera teamed with two large minority partners - Steve Kaplan and Daniel E. Straus, who owned in the neighborhood of 30 percent of the Grizzlies combined, sources told ESPN.

The team later announced the decision and the 40-year-old Pera was certainly clear in his mission to keep the Grizzlies in Memphis.

More news: Lovullo, Molina receive one-game suspensions

Pera decided he would buy Kaplan's 14-percent stake in the team and the 14-percent stake Straus owned instead of selling his 25-percent stake.

Straus' bid was higher than Kaplan and Pera will match the bid and buy him out. Forbes listed the Grizzlies as being worth $1.025 billion.

"It is with intent that I referred to the "Memphis Grizzlies" in the previous sentence, because I am committed to Memphis as an National Basketball Association market and as the home of the Grizzlies".

But the good news for Grizzlies fans is that the team, which has one more game left in what's been a season filled with injuries and turmoil, will now stay in the same hands, and fears the team might move can be put to rest, at least for the near future.


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