Memphis, TN -
It looks
like the Grizzlies are here to stay.
Prospective
Grizzlies owner Robert Pera reached an agreement with a group of local partners
that will guarantee the team stays in Memphis
for another 15 years.
Pera agreed
to three provisions: a $100 million penalty if the team is moved, a right of
first refusal under which the local owners will be able to match any offer Pera
receives to sell the team, and 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 local group will own between 30 and 35
percent of the team.
