The 2019-2020 season — set to resume in Orlando in July — is the Grizzlies 16th in their publicly-funded home. “We are certainly aware of that component of the contract and we’ve been working proactively with our partners at the county and the Grizzlies to address it,” said Kyle Veazey, the city’s deputy chief operating officer.
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The “early termination” section provides that the Grizzlies “shall have the right, but not the obligation, to exercise The Early Termination Right” if in any season after the team’s 15th season in FedExForum 1) average paid attendance is “less than 14,900,” or 2) “the 64 largest suites are not sold in full,” or 3) “the number of Club Season tickets is less than 2,500.”
Deep within the Memphis Grizzlies’s lease at FedExForum, there is a trap door that could force the city and county to buy millions of dollars of season tickets — or allow the Grizzlies to terminate the lease early if the city and county decline. The little-known provision kicks in after the team’s 15th season at FedExForum.
The “early termination” section provides that the Grizzlies “shall have the right, but not the obligation, to exercise The Early Termination Right” if in any season after the team’s 15th season in FedExForum 1) average paid attendance is “less than 14,900,” or 2) “the 64 largest suites are not sold in full,” or 3) “the number of Club Season tickets is less than 2,500.” The Grizzlies do not release average paid attendance, suite sales or club ticket sales. But average paid attendance for the portion of the 2019-2020 season that was played in FedExForum before the season was suspended is believed to be well under 14,900 per game — and dramatically under the 15,857 announced attendance.
Discussions between the parties — which have been largely tabled during the COVID-19 pandemic — have been amicable and geared to finding a mutually satisfactory solution, according to those with knowledge of the talks. At no time have the Grizzlies threatened to invoke the provision to terminate the lease and relocate the team. Grizzlies majority owner Robert Pera has repeatedly stated he is committed to keeping the franchise in Memphis.
Ronald Tillery: SOURCES: @RobertPera inquired about moving Griz last August.
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December 4, 2020 | 7:19 pm EST Update
The Los Angeles Lakers have re-signed guard Quinn Cook, it was announced today by Vice President of Basketball Operations and General Manager Rob Pelinka.
Eric Pincus: Cook was on the books at $3 mil – they cut him with $1 mil guaranteed. They’re re-signing him at the min, so his cap hit will be $1.6 mil – so $2.6 mil on the cap to Cook instead of $3 mil. He’ll earn $1 mil + $1,737,145 = $2,737,145 total – so almost the original $
December 4, 2020 | 7:01 pm EST Update
Jason Jones: The Kings have picked up the fourth-year option on Marvin Bagley III, according to league sources. Bagley, the second overall pick in the 2018 NBA Draft, will earn $11.3 million next season. He’s looking to bounce back after being limited to 13 games last season due to injuries.