MEMPHIS, TN (WMC) - Memphis Grizzlies minority owners can begin the process of purchasing the team on Thursday, according to ESPN.
Steven Kaplan and Daniel Straus can make an offer to purchase the team from controlling owner Robert Pera. Thursday marks the fifth anniversary of Pera's purchase. At least one is expected to make their first offer within 60 days, sources told ESPN.
Pera, a tech billionaire, would have to either buy one or both partner's shares, depending on the bidder, or sell his shares to them. The process could take months.
Kaplan and Straus each own about 14 percent of the Grizzlies while Pera owns 26 percent. If Pera ever decided to sell the team outright, local minority owners would also have a chance to buy it.
Forbes estimates the Grizzlies value right now at $790 million.
If Kaplan and Straus chose not to bid, they'll have another chance in 2020.