Beale Street Bears
Fansided

Memphis Grizzlies: Robert Pera remains Controlling Owner

By Justin Lewis

MEMPHIS, TN - MARCH 24: The Memphis Grizzlies mascot waives the Grizzlies flag during the game against the Los Angeles Lakers on March 24, 2018 at FedExForum in Memphis, Tennessee. NOTE TO USER: User expressly acknowledges and agrees that, by downloading and or using this photograph, User is consenting to the terms and conditions of the Getty Images License Agreement. Mandatory Copyright Notice: Copyright 2018 NBAE (Photo by Joe Murphy/NBAE via Getty Images)
MEMPHIS, TN - MARCH 24: The Memphis Grizzlies mascot waives the Grizzlies flag during the game against the Los Angeles Lakers on March 24, 2018 at FedExForum in Memphis, Tennessee. NOTE TO USER: User expressly acknowledges and agrees that, by downloading and or using this photograph, User is consenting to the terms and conditions of the Getty Images License Agreement. Mandatory Copyright Notice: Copyright 2018 NBAE (Photo by Joe Murphy/NBAE via Getty Images) /
facebooktwitterreddit

Robert Pera has exercised his option to remain the controlling owner of the Memphis Grizzlies.

Finally. After months of silence and uncertainty, the Memphis Grizzlies community has learned who the owner of the team will be going forward.

Thanks to this #WOJBomb on Twitter tonight, we can rest easy that Robert Pera will be buying out Steve Kaplan and Daniel Straus. The NBA followed with releasing a statement that Pera had sent a formal notice to the league office. Some of you may be asking, “Wait. Didn’t Robert Pera already own the team?” Well here is an excellent breakdown from Geoff Calkins:

"When Robert Pera bought the team from Mike Heisley in October of 2012, he agreed to a buy-sell arrangement with two minority owners, Steve Kaplan and Daniel Straus, under which either of those minority owners could submit a bid to buy out Pera’s interest. Pera would then have to either accept the bid and sell the team, or buy out the minority owners’s interest at the bid price. So, for example, Kaplan could offer to buy the Grizzlies at the price of $1 billion, and Pera would either have to sell his 25-percent share of the team for 25 percent of $1 billion, or he’d have to buy out Kaplan’s 14-percent share of the team for 14 percent of $1 billion. That buy-sell arrangement — which was suggested by former NBA commissioner David Stern, as a safeguard in case the Kaplan and/or Straus didn’t like being minority owners with Pera — kicks in “after five years, and every three years thereafter.” Pera bought the team in October of 2012, which is why it’s coming up now."

The five year mark hit this past October which began to raise questions about the franchise and its stability. With the NBA eyeing a possible return to Seattle, there was concern that the Memphis Grizzlies might be the team on the move one day. The lack of a physical presence by any of Robert Pera, Steve Kaplan, or Daniel Straus at games or in the community only furthered the concern.

Is Pera the best owner for the team?

In short, yes. He made that clear in a letter that he wrote to season ticket holders:

The second paragraph is key. It was widely believed that the owner most committed to keeping the Grizzlies in Memphis was Robert Pera — and he clearly reiterated that in the MVP letter. Pera has invested in the facilities for the team and is willing to spend to win. While he may not always be physically present in Memphis, he was certainly the best option.

Next: Doncic is popular pick in mock drafts

What’s next?

Now that the ownership situation is no longer up in the air, the franchise can focus on other pressing issues. Issues such as Chris Wallace remaining as GM or naming JB Bickerstaff coach. Having a stable ownership situation will be more attractive to potential front office and head coach candidates.

Home/Grizzlies News