Robert Pera Rumors
Starting Thursday, two Memphis Grizzlies minority owners can begin a process to attempt to purchase the team from controlling owner Robert Pera, sources told ESPN. Steven Kaplan and Daniel Straus each have the option to make an offer on the five-year anniversary of Pera’s $377 million purchase of the team. One or both are expected to initiate the process within a 60-day window, sources said.
The unusual provision gives Kaplan and Straus each the right to name a price for the team. Pera would have to either buy one or both of his partners’ shares — depending on who bids — or sell his own shares to them at that valuation during a subsequent 60-day window. The procedure could take months to play out and might not result in a formal bid. Straus or Kaplan could stand by and watch the other bid and then decide what to do, sources said. Or they could pass on the opportunity altogether and maintain the status quo. If Kaplan and Straus choose to bypass the buy/sell option, they will have another chance in 2020.
The Grizzlies announced that Tony Allen’s No.9 will be retired in Memphis after his career ends. “Tony was a driving force behind the Grizzlies’ seven straight playoff appearances and he remains a beloved member of the Memphis community,” Grizzlies owner Robert Pera said in a statement. “Tony played with a level of passion that is unrivaled. He helped establish a Grizzlies culture focused on toughness and effort, and he challenged every player that put on Beale Street Blue to match his fiery intensity. On behalf of the entire organization, I would like to thank him for his incredible contributions to the Grizzlies and the unique way that he inspired the city of Memphis. We are proud that the Grindfather’s #9 jersey will hang in the rafters of FedExForum alongside Zach’s one day.”
Gasol provided reassurance and revealed that he regularly talks to team majority owner Robert Pera. Gasol also revealed that he suffered a mild ankle sprain near the end of EuroBasket. The injury isn’t serious. “My body feels really good,” Gasol said. “It was a freak accident. A guy dived for the ball and landed on my leg. It was kind of a sprain on my left ankle but it’s fine. For 15-20 minutes, I wasn’t sure if I would continue to play but it worked out great.”
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.
While there will be a time and place to recognize your lasting impact in Memphis, starting today, as stated earlier by Controlling Owner, Robert Pera, number 50 will never be worn by any other member of the Memphis Grizzlies.
Memphis Grizzlies Controlling Owner Robert Pera announced today that General Manager Chris Wallace, Executive Vice President of Basketball Operations John Hollinger and Executive Vice President of Player Personnel Ed Stefanski have been signed to multi-year extensions with the organization. Per team policy, terms of the extensions will not be disclosed. “I am pleased to announce that our Basketball Operations executive team, led by General Manager, Chris Wallace, will continue to lead our franchise for years to come,” Pera said. “Chris, John and Ed bring a wealth of NBA experience and success, and have done a tremendous job establishing the strong culture that I believe is necessary to ensure sustained success in this ultra-competitive environment. More importantly, I am confident that the toughness, resilience, discipline and unselfishness that are embedded in the fabric of our culture will continue to serve as a point of pride for Memphis, the surrounding region and all Grizzlies fans.”