Grizzlies controlling owner Robert Pera has decided to retain his controlling interest in the franchise, according to a statement released Monday evening.
From the press release:
The Memphis Grizzlies today announced that controlling owner Robert Pera has sent formal notice to the NBA that he will retain his controlling interest in the team in connection with the “buy-sell” process. This decision was shared earlier this evening in an open letter from Pera to Grizzlies MVP Season Ticket Members.
Some Twitter users posted that open letter:
This ends several months of speculation about whether Pera would retain his ownership stake in the team or sell it to minority owners Steve Kaplan or Daniel Straus (who each own separate minority stakes in the team). Recently, the word on the street has been that Pera would buy out whichever minority owner triggered the clause (it could have been either or both), and it's good to see that proven correct.
This opens up questions: What should Pera do next? What changes will he make in the face of the Grizzlies' mostly-disastrous season? Is this the best outcome for the city of Memphis? (Early take: probably.) More to come on this, but at least tonight, the first big question that's been hanging over the team since this summer has finally been settled. Presumably, now they can begin to tackle the rest.