Chris Mannix: Key graph in that statement is Pera affirms his intention to keep the team in Memphis. Threat of a move to Seattle–which expects to have a refurbished Key Arena by 2020–has generated league-wide chatter.
Tim Bontemps: Word around the league for weeks now had been that Pera would remain in charge in Memphis. Now we’ll see how this impacts potential changes moving forward — and if Pera considers selling now that he has controlling interest.
Peter Edmiston: Pera buying out the others is good news for Memphis in terms of the stability of the team in Memphis. He's still behind Drake in terms of Grizzlies games actually attended in Memphis over the last 2 yrs so we'll have to see if he decides he wants to show up in town to celebrate.
If no deal is reached in those 90 days, the minority owners have another 60 to name a price for the team -- and bid on Pera's stake at that price, according to several sources familiar with the process. (The minority owners could also punt, and stick with the status quo.) That bid would be essentially binding. Pera would have two choices: sell at that price, or buy the minority owner's stake at that same valuation.
The roster is in flux, half of the foursome that laid the groundwork for the team’s success is gone and Robert Pera’s future as lead owner of the franchise is in question. A buy-sell provision in the ownership agreement between Pera and minority owners Steve Kaplan and Daniel Straus was exercised last week, sources told The Athletic. Both minority owners had the right to invoke the clause starting in late October, which allows one or both of them to set a new valuation for the franchise that sold for $377 million in 2012. Pera, who is being represented by CAA in the process, will have to decide whether to buy out Kaplan and/or Straus to keep control of the team or sell his shares at the set price and remove himself from the ownership group.
The clause in the agreement, which was first reported by ESPN, was born of Pera’s tenuous acquisition of the team from previous owner Michael Heisley in 2012. During that process, the value of Pera’s technology company, Ubiquiti Networks, took a sharp plunge, forcing him to bring on Kaplan and Straus as partners with 13.5 percent equity and give a number of owners with Memphis ties, including Peyton Manning and Justin Timberlake, smaller pieces of the pie to be able to close the deal.
The absentee approach has led to tension between Pera and his minority owners, sources said. Kaplan tried to extricate himself from the situation a year and a half ago when he entered into negotiations with Timberwolves owner Glen Taylor to join the team as a minority partner with the intent on one day purchasing a majority stake in the franchise. But that agreement fell through, the second time Kaplan has missed out on a chance to become the lead owner of an NBA franchise. He was outbid by Tony Ressler for the Atlanta Hawks in 2015.
All of it adds up to the kind of uncertainty — on the court and off — that can be difficult for a franchise to overcome, especially one in a smaller market like Memphis. Seattle has been getting more aggressive in trying to address its arena situation to get a team to return to the city vacated when the SuperSonics left for Oklahoma City. But the Grizzlies lease at the FedEx Forum has strong protections through 2021 and the Commercial-Appeal reported that the subset of local owners in the group would be given the chance to buy the team if Pera, or any other owner, were to try to move the Grizzlies before 2027.
Jon Krawczynski: A buy-sell clause in the Grizzlies ownership agreement has been exercised, sources tell The Athletic. Owner Robert Pera now has a decision to make. Story posting soon.
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.
June 19, 2021 | 8:15 am EDT Update
Pau Gasol was named by Spain to the preliminary list of players set to start training camp ahead of the Olympic Games. His brother, Marc Gasol, is also among the 18 players called up by head coach Sergio Scariolo. Ricky Rubio, Juan Hernangomez, and Willy Hernangomez are the remaining NBA players on the list.
Of course, the Nets will have their excuses to lean on in the event they are eliminated by the Bucks. Irving’s ankle sprain was a dramatic game-changer in this series, and though Harden looked physically better in Game 6 than he did in Game 5, he still wasn’t half the force he was with two healthy legs. “It’s not even about rust,” Harden said. “It’s about being able to move. … I’m out there to do whatever it takes to win. I’ve got to be better on both sides of the ball, which I will be for Game 7.”
Not yet. Not at a championship level. And, honestly, probably not near a championship level. “This one … this is going to eat at me for a long time,” Mitchell said. “Even when I go to the grocery store, I’m going to be thinking about this.” The Utah Jazz were spectacular on Friday night. Spectacular in building a 75-50 lead. Spectacular in blowing almost all of that lead in less than 12 minutes and allowing a Los Angeles team missing Kawhi Leonard to make them look like one of the worst defensive groups on Earth.
“It was a tough night for us all the way around,” Jazz coach Quin Snyder said. “We called timeouts to adjust how we defended. We tried stunting defensively. We went zone. But we got into full rotations and help situations, and we gave up looks trying to protect the rim. It was just a tough night. We were trying to guard the ball, and we struggled to stay in front. When Rudy came over to protect the rim, Mann made shots. Everybody made shots. Seventy-four percent from 3-point range is an unusual number. But there were things we didn’t execute on.”
In Game 6, he showed everything he could do. “You saw a full complete game from a second-year player,” George said. “You saw him stretch the floor. You saw him defensively. You saw him rebound. You saw him muscle his way to the basket. “You just saw so many flashes of so many different things — and he did it in the most crucial part of the game. Honestly, he single-handedly willed us back.”
George spent a lot of time with Mann at the beginning of the 2019 season, when he was working his way back from shoulder surgery. “T-Mann was like my sparring partner,” George said. “His tenacity was what I needed to get me back playing at an elite level. We challenged each other. I hope I was able to pass some things off to him. “He works on his game so much. One of the best young players that I’ve been around. Reminds me a lot of myself. He puts the work in. So, we tell him, we come out here, you work so hard, for what? Come out here and show it.”
“Happy to get the monkey off the Clippers back a little bit,” Jackson said. “But we are striving for more. This group, we have been hungry for one thing coming into the season, and it’s just still in the front of our mind and we just want to get better. Continue to come in here and get better each and every day. Excited to get home. Watch some film. Try to dissect it. Excited for our coaching staff to do the same and for us all to come as collective minds tomorrow to see what we’ve been doing well in this series, take something else from this series to go into the next one. We are going to enjoy it. It’s right back into playing another great team in Phoenix in two days. So we are getting ready for the challenge.”
“I know the Lakers are out and there’s a lot of Laker fans here,” said Clippers coach Tyronn Lue, who played on the Lakers’ 2001 NBA championship team. “But once the Lakers are gone, if we’re not playing the Lakers, you should be cheering for the Clippers because it’s all in one city. I can just feel the love and I’m very happy and proud of our guys.”