Robert Pera, who purchased the Memphis Grizzlies in 2012, recently announced that he intends to retain majority of his stake in the franchise.

In an e-mail sent to Grizzlies season-ticket holders, Pera said that despite the struggles that the team went through this season, rest assured that he has chosen to retain his stake in the franchise. Below is the full e-mail, as posted by Ronald Tillery of The Commercial Appeal:

https://twitter.com/CAGrizBeat/status/983490292350377985

When Pera bought the franchise in 2012, he agreed to a buy-sell with minority owners Daniel Straus and Steve Kaplan. In the process of buying the franchise, Pera's technology business, Ubiquiti Networks, took a dive. It forced him to bring in minority owners Kaplan and Strauss as partners with 13.5 percent equity. He also brought in several notable celebrities such as Peyton Manning and Justin Timberlake to seal the deal.

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Due to this arrangement, either Straus or Kaplan had the right to invoke the clause starting late October. If they do, it would set a new valuation for the Grizzlies. Pera either had to buy out either Straus or Kaplan’s stake in the team to keep control or sell his majority shares at the new set price.

If he sells his stake, there's a good chance that the Grizzlies will be transferred elsewhere. Yet with Pera's decision of retaining majority interest, the Grizzlies franchise will stay in Memphis.

Pera, though rarely seen in games, has achieved monumental success as the team's owner. NBA Commissioner Adam Silver tagged them as the model for small-market success after the Grizzlies advanced to the Western Conference Finals back in 2014.