NBA fans in some cities have had to endure either losing their team or the fear of that happening. It seemed like every game that wasn’t a sell out in, say, Sacramento, was a harbinger of a move. Seattle’s story is one that remains with many fans. An historic franchise- one that boasted some of the game’s most iconic players- was uprooted by shrewd business. Sacramento has been in its fair share of hot water, having to deal with the likelihood of The Kings being relocated.
In that light, it was nice to hear some good news out of Memphis earlier today.
From the Commercial Appeal:
Prospective Grizzlies owner Robert Pera has reached an agreement with a group of local partners that will practically guarantee the franchise’s future in Memphis for another 15 years.
That’s the kind of refreshing news I wanted to hear. NBA team owners have inhabited all points of the legitimacy spectrum. OKC’s ownership looks primed for at least a generation-long stay while Miami’s Micky Arison still claims to be losing money, regardless of rising ticket sales and back-to-back finals appearances.
There had been talk among residents of Memphis that local partners weren’t doing enough, that they weren’t “stepping up”. The team had seen one too many near-empty games and was feeling the pressure of an oncoming move. In comes Robert Pera. New ownership in times of low attendance usually meant the team was being bought into a new location. In fact, back in June, the Grizzlies’ front office let it be known that there were discussions going on to get the team to Silicon Valley. Although the city’s deal with the Grizzlies did keep the Grizzlies at the FedEx Forum until 2029, the Grizz were allowed to relocate if certain attendance figures weren’t met.
The group of local partners included President of Southeastern Management Stanley Cates, Dobbs Management CEO Ed Dobbs, and AutoZone founder J.R. Hyde. Prospective owner Robert Pera ended up offering $350 million to acquire the Grizzlies (pending NBA approval). The conditions agreed upon and spurred by Pera and Cates look to keep the team in Memphis for at least 15 more years:
From the Commercial Appeal:
Pera has agreed to three provisions: 1) a $100 million penalty if the team is moved, 2) a right of first refusal under which the local owners will be able to match any offer Pera receives to sell the team and 3) the right for the locals to buy the team from Pera at the current price if he wants to move it. All provisions are in effect for the next 15 years.
The Grizzlies ended last regular season with a 41-25 record, losing out to the LA Clippers in the 1st round of the play-offs. Barring any major subtractions in personnel look for the Grizzlies to be fighting for contention in the Western Conference for years to come.
Celebrate, Memphians.
Mohamed Abdihakim is a journalism student at Florida Atlantic University. He is a Phoenix Suns fan, who is not prepared for the possibility of Nash winning a title in a Lakers jersey. Mohamed is also a contributor at “Les Snobs”. Interests include International basketball, Mad Men , and blues music. Twitter handle: @Abdi_hakim
