The Commercial Appeal has reported that a local group has joined forces with Robert Pera in the purchase of the Memphis Grizzlies from current owner Michael Heisley.
The group is said to include Pitt Hyde, Staley Cates, Ed Dobbs, Duncan Williams and Billy Orgel. Hyde and Cates were both part of the original ownership group that helped bring the team from Vancouver 12 years ago. It is suspected that the group of owners could grow larger as well.
The CA is reporting that their ownership comes with some conditions, including a $100 million penalty if the team is moved, a right of first refusal if in which the local group will be able to match any offer Pera receives to sell the team and the right to purchase the team at a set value if Pera decides to move the team in the future. It is not clear if the lease at FedEx Forum will be extended under this agreement.