MEMPHIS, Tenn. (AP) - Robert Pera has sent a formal notice to the NBA office that he plans to buy out two minority partners and remain controlling owner of the Memphis Grizzlies.
The Grizzlies announced Monday night that Pera both alerted the league office and shared his decision in a letter to season-ticket holders in which he also confirmed his commitment to Memphis.
The two partners triggered a "buy-sell" clause from 2012 when Pera, the founder of Ubiquiti Networks, bought the team with a handful of minority owners. The clause required Pera to either buy out the shareholders or sell Steve Kaplan and Daniel Straus his portion of the Grizzlies.
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