Grizzlies owner Pera to retain controlling interest in team

Memphis Grizzlies owner Robert Pera has sent notice to the NBA that he will retain controlling interest in the franchise in connection with the "buy-sell" process, the team announced Monday.

Grizzlies season-ticket holders were informed of the news earlier in the day via e-mail:

To prevent minority owners Steve Kaplin and Daniel Straus from gaining majority control, Pera elected to buy their shares at a price set by them, according to NBA.com's David Aldridge. Pera's alternative move would have been to sell his shares at the same evaluation.

Memphis is in the midst of its worst season since 2009 (24-58), owning a 22-58 record heading into the final two games of the 2017-18 campaign.