VOL. 133 | NO. 72 | Tuesday, April 10, 2018
Pera Maintaining Controlling Interest in Grizzlies
By Don Wade
Robert Pera will keep controlling interest in the Memphis Grizzlies. Pera informed Grizzlies MVP season ticket holders of his decision in an email Monday night and the team subsequently distributed a short press release announcing Pera’s decision but offering no details, except to say that Pera also had notified the NBA.
A decision had been expected to come this spring after limited partners Steve Kaplan and Daniel Straus had triggered a “buy-sell” process which forced to Pera to commit to buying their shares at a valuation price the limited partners set or for Pera to sell his shares at that valuation price.
Monday night, details about the agreement were not available.
In 2012, a Pera-led group purchase the Grizzlies from the late Michael Heisley for $377 million. Forbes recently put the Grizzlies’ value at around $1 billion.
In the email to VIP season ticket holders, Pera said he was committed to Memphis as an NBA market and that he realized this season had been “trying” for fans.