Robert Pera's bid to become the new majority of the owner of the Grizzlies hasn't exactly been smooth sailing, with the prospective owner seeing stock in his tech company continue to slip in recent weeks. In late July, we heard that Pera was seeking local business owners in Memphis to add to his bid as partners, and Kyle Veazey of the Memphis Commercial Appeal reports that as much up to one-third of Grizzlies' ownership could end up being in the hands of local partners.
Veazey reiterates, as we heard last month, that Pera isn't pushing for local ownership because he needs to, but rather because he wants to collaborate with local business and community leaders for the good of the franchise. Whether that's true or not, Pera's representatives have been in Memphis over the last few weeks, meeting with "dozens" of prospective minority owners. Veazey also hears that out-of-town partners could be included in Pera's bid.
If local partners ended up with a 33% stake in the franchise, it would exceed the amount they owned under Michael Heisley. Heisley's initial agreement called for locals to own 30% of the team, but that portion was diluted significantly over the years. According to Veazey, local business owners have concerns that the same thing could happen under Pera, and also want to be sure of the Ubiquiti CEO's commitment to the city.
Pera's bid for the Grizzlies continues to be vetted by the NBA, and eventually must be approved by the league's board of governors.