Robert Pera Rumors
Robert Pera’s deal to retain control of the Memphis Grizzlies under the terms of an unusual buy-sell clause values the team between $1.3 billion and $1.4 billion, a big price tag for a small-market team that has been among the league’s largest revenue-sharing recipients, sources familiar with the process told ESPN. 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.
Once triggered, the three groups negotiated for 60 days to try to strike a deal before Kaplan and Straus submitted binding bids, sources have told ESPN. That window ended without a deal. Kaplan and Straus then submitted separate bids, with Straus’ bid the highest. After a waiting period, Pera announced Monday that he would match the bid and buy out Straus. What happens to Kaplan and his shares is unclear. Pera also said he plans to keep the team in Memphis.
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.