MEMPHIS, TN (WMC) - Memphis Grizzlies controlling owner Robert Pera announced Monday he will keep his controlling interest in the team by not selling to minority partners Robert Kaplan and Daniel Straus.
Pera made the announcement in an e-mail Monday to MVP Season Ticket Holders.
The 'Buy-Sell' arrangement was triggered by the Kaplan and Straus during the season, meaning Pera would have to either buy them out, or sell his shares in the team to them and lose ownership.
Pera keeping the team means stability for the franchise going forward, as Pera has shown an interest in keeping the team in the Bluff City.
In his e-mail to Season Ticket holders, Pera said, "I am committed to Memphis as an NBA Market and as the home of the Grizzlies."
Pera went on to thank Grizzlies fans for their patience during an injury-filled season that has the team missing the playoffs for the first time in seven years.
Even with the struggles on the court, the Grizzlies franchise is valued at just more than $1 billion.
There's no word yet on how much Pera had to pay to buy Kaplan and Straus' shares in the team.