10:42am: Tim Bontemps of The Washington Post clarifies (via Twitter) that Pera will purchase Kaplan’s share at the same valuation as Straus’ high bid (noted below), buying out both minority stakeholders.
APRIL 10, 9:38am: ESPN’s Zach Lowe provides a couple more details on the Grizzlies’ ownership situation, reporting that it was Straus’ bid – rather than Kaplan’s – that Pera needed to match. Straus’ higher bid valued the franchise between $1.3 billion and $1.4 billion, per Lowe.
With Pera set to buy out Straus, it’s unclear how Kaplan and his shares are impacted, Lowe adds.
APRIL 9, 7:12pm: Grizzlies majority owner Robert Pera has sent a formal notice to the NBA indicating that he will retain his controlling interest in the franchise, the team announced in a press release.
Pera shared his decision in an open letter from to Grizzlies MVP Season Ticket Members. Minority stakeholders Steve Kaplan and Daniel Straus had triggered a clause in the purchase agreement that forced Pera to either buy them out or sell at a valuation of their choosing.
That duo placed a valuation of just over $1 billion on the franchise. Pera then needed to decide between buying out their shares or selling his own shares at the price of their valuation.
Pera might still wind up selling the team in the long run after buying out their shares, Tim Bontemps of the Washington Post tweets.
Pera’s decision to retain control could also improve the chances of J.B. Bickerstaff being retained as head coach.
Dana, Journalist of the year! Lol, proofread kid!