The buy-sell arrangement, which was suggested by former NBA commissioner David Stern, was a safeguard in case Kaplan and/or Straus didn’t like being minority owners with Pera. Wochit
When Grizzlies owner Robert Pera said in an email to season ticket holders that he would retain controlling interest in the team, he emphasized that his focus would be keeping the Grizzlies in Memphis.
"I am committed to Memphis as an NBA market and as the home of the Grizzlies," Pera wrote in his letter on Monday.
That was the most enduring part of Pera's statement in the eyes of Grizzlies fans and Memphians, who saw it as a sign of stability after a season where the team missed the playoffs for the first time in eight seasons.
Memphis Mayor Jim Strickland was among those happy to hear Pera was committed to keeping the Grizzlies here for the time being.
"I was excited when I learned yesterday that Robert Pera will continue to be the controlling owner and I was particularly glad to hear him state his commitment to our city," Strickland said in a statement. "We all know the Grizzlies are incredibly important to the fabric of Memphis."
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Kevin Kane, the president and CEO of Memphis Tourism, echoed those sentiments by saying that Pera's statement brings some stability not just with the team, but also affirming the city will have one of its strongest tourist attractions with its lone pro sports franchise.
"I think Pera owning the team is, from everything I was told, the best scenario for Memphis," Kane said. "The Grizzlies are a very key part of what makes Memphis a city that people want to relocate to, work in, live in and play in and you cannot underestimate the value of a professional franchise. They're the only one we have."
Having stable ownership is also a boost going into a critical offseason where the Grizzlies will have a high draft pick after clinching the NBA's second-worst record this season Monday night; allowing them to look for ways to improve after a year where they had losing streaks of 19 and 11 games.
Jay Carlock, a Grizzlies fan since the team's arrival in Memphis, said that even though Pera hasn't been the most hands-on owner, his words offered encouragement that the team would be focused on addressing on-court needs instead of worrying fans about where the team could be headed.
The Grizzlies are currently locked into a lease with the FedExForum through 2021, with provisions that make it difficult to leave until 2027. Carlock said he'd like to see Pera work to extend that lease to some of the minority owners but, for now, the stability helps ease some of those worries.
"Going into this offseason, there was so much uncertainty as fans and with the organization from top to bottom because you didn't know if the franchise would be sold, or who would buy the franchise, or if Memphis would be part of their plans to retain the franchise," Carlock said. "To know that he's the controlling the owner, it's refreshing."