Grizzlies Ownership Buy-Sell Clause Reportedly Activated

The Memphis Grizzlies could see a shift in ownership after a buy-sell clause reportedly was activated.Jon Krawczynski of The Athletic described the situation:Robert Pera purchased the Grizzliesfrom Michael Heisleyin 2012 for $377 million. At 39 years old, he is one of the youngest owners in sports and one of the youngest billionaires in the world, according to Forbes' Kate Vinton.According toForbes, Pera has a real-time net worth of $4 billion.AsKrawczynskidescribed, however, minority ownersSteve Kaplan and Daniel Straus exercised their right to set a new valuation for the franchise.Peyton Manning and Justin Timberlake are also among those who own a stake in the organization as the group needed extra money to close the deal.While the Grizzlies rank just 26th in value among NBA teams, they are still worth more than double the original purchase price at a current $790 million, perForbes.Pera will have a choice to either buy out the minority owners or sell his shares.With head coach David Fizdale recently fired and the team off to a 7-13 start after making the playoffs for seven straight years, there is suddenly a lot of turmoil in a franchise that had been one of the steadiest in the league.
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