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.
Both Kaplan and Straus could have chosen not to trigger this provision during this time period, but not doing so would eliminate the opportunity for another three years.
The choice to do so is likely related to the continual flux within the franchise, as former head coach David Fizdale was fired on Monday after benching his star center Marc Gasol in the fourth quarter and totaling eight (now nine) straight losses. Memphis had chosen to name interim coach J.B. Bickerstaff to the head coaching position for the remainder of the season, but now faces a dangerous next two weeks with plenty of elite opposition and with a team lacking its starting point guard Mike Conley due to an Achilles injury.
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