Locals Reach Deal to Buy Part of Grizzlies
The Grizzlies aren’t moving.
Isn’t it nice to know that, for sure? They may be good, they may be bad, they may be in the NBA Finals or in the NBA lottery.
But they will be in Memphis.
They will be yours.
Never again will you have to listen to those who would tell you the team will be out of here in five years or ten. Never again will you have to wonder if a particularly thin Tuesday crowd is the beginning of the end.
Robert Pera is not moving the Grizzlies. Nobody is moving the Grizzlies.
“The team is not going anywhere,” said Staley Cates. “That’s the whole point.”
Cates is one of a group of Memphians — others include Pitt Hyde, Duncan Williams, Ed Dobbs and Billy Orgel — who have reached a deal with Pera to buy between 30-35 percent of the team.
As part of the deal, Pera agreed to three provisions that will make it nearly impossible for the Grizzlies to move for at least 15 years: