Pera Reaches Deal, Grizz to Stay in Town - FOX13 News, WHBQ FOX 13

Pera Reaches Deal, Grizz to Stay in Town

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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.

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