The Memphis Grizzlies minority owners have exercised a buy-sell provision to acquire the team from controlling majority owner Robert Pera, according to Jon Krawczynski of The Athletic. This provision will allow for Steve Kaplan and Daniel Straus to set a new valuation for the franchise, which had sold for $377 million back in 2012. Pera’s tech company, Ubiquiti Networks, had taken a dip in value as he tried to buy the franchise five years ago, forcing him to partner with others in order for the sale to go through successfully. Pera will now have to decide whether to buy out Kaplan and/or Straus’ piece of the pie to keep control of the team or to sell his shares and surrender his ownership of the Grizzlies.
Buy-sell clause exercised by Memphis Grizzlies minority owners
Clutch Points | Nov 30