Grizzlies owner Robert Pera announced Monday that he will retain control of the team by buying the shares of minority owners Steve Kaplan and Daniel Straus.
Pera, Kaplan and Straus were part of a buy-sell agreement that was put in place when Pera purchased the team in 2012 from Michael Heisley, according to Ronald Tillery of The Commercial Appeal.
According to Tillery, when Pera bought the team from the late Heisley, former NBA commissioner David Stern suggested the men put the buy-sell arrangement in place in case Kaplan and Straus did not like being minority owners under Pera.