mastermind
Rest In Power Kobe
he aint gonna be digging in his pockets to boost your team.
Grizzlies find new owner Robert Pera, one of the 10 youngest Billionaires
- Thread starter triplehate
- Start date
Not sure how to feel about this. Heisley did handle business the last few years though locking up our core
Where did the locking down the arena thing come from though? That's hilarious.
Where did the locking down the arena thing come from though? That's hilarious.
Remarkable
Rookie
triplehate
Superstar
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:
1) If the Grizzlies were to leave Memphis, Pera would have to pay a $100 million penalty.
2) If Pera were to sell the team to someone who wanted to move it, the local owners would have the right to match the deal and buy the team themselves.
3) If Pera were to try and move the team himself, the local owners would have the right to buy the team at the current price.
"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:
1) If the Grizzlies were to leave Memphis, Pera would have to pay a $100 million penalty.
2) If Pera were to sell the team to someone who wanted to move it, the local owners would have the right to match the deal and buy the team themselves.
3) If Pera were to try and move the team himself, the local owners would have the right to buy the team at the current price.
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:
1) If the Grizzlies were to leave Memphis, Pera would have to pay a $100 million penalty.
2) If Pera were to sell the team to someone who wanted to move it, the local owners would have the right to match the deal and buy the team themselves.
3) If Pera were to try and move the team himself, the local owners would have the right to buy the team at the current price.
All three provisions are in affect for the next 15 years. In other words: The Grizzlies ain't moving. Can we please never talk about that subject again? And can we please disregard the lunacy of any who would try and tell you that local owners haven't "stepped up?"
This city has many failings. You can read about them in this paper seven days a week. But the one thing Memphis has in abundance is people who step up, people who care deeply about the city and work to make it a better place.
This is just the latest example. You'd forgive Hyde and Cates, in particular, if they declined to be a part of any NBA deal. They were part of the last one, after all. In exchange, they got to be part of a decade-long cold war with Michael Heisley, and watched their investment reduced to near zip.
So buy another 30 percent of a team with another out-of-town owner? There's an old axiom that applies to that one. It begins, "Fool me once ... "
But they did it. Incredibly. With a whole new group of civic-minded colleagues pitching in.
"I wanted to make sure the team stays in Memphis," said Orgel. "That's my only reason for wanting to be involved, to make sure the team stays here."
Pera, it should be stated, was totally open to bolstering the Grizzlies lease. The elements of the deal that bind the franchise to Memphis weren't extracted from Pera after exhausting negotiations. They were a sign of his commitment, as much as anything else.
Indeed, Pera and his group didn't understand the local obsession with relocation at first. They had to learn the civic his
tory. But once Pera was brought up to speed, he asked the locals for their suggestion as to the sort of gesture he could make that would allow skeptical Memphians to believe that the franchise is here for the long haul.
In a way, that's always been missing with the Grizzlies, even during the glorious playoff runs. What other fan base consults the terms of an arena lease as much as this one? What other fan base talks as much about the schism in ownership?
It's hard to give your heart, in those circumstances. Or, at least, it's tempting to hold a piece of it back.
Maybe that's why Cates sounded so pleased Wednesday, so gratified and relieved. More than a decade ago, he was part of the group that came up with the crazy idea of bringing an NBA franchise to Memphis. They had big dreams about what it would do for the town. And while there have been undeniable triumphs, the enterprise has been harder than it should have been. Memphis isn't big enough to have feuding ownership. Memphis needs everyone pulling on the same oar.
"We can finally finish what we started," said Cates. "I think this is going to be good."
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:
1) If the Grizzlies were to leave Memphis, Pera would have to pay a $100 million penalty.
2) If Pera were to sell the team to someone who wanted to move it, the local owners would have the right to match the deal and buy the team themselves.
3) If Pera were to try and move the team himself, the local owners would have the right to buy the team at the current price.
All three provisions are in affect for the next 15 years. In other words: The Grizzlies ain't moving. Can we please never talk about that subject again? And can we please disregard the lunacy of any who would try and tell you that local owners haven't "stepped up?"
This city has many failings. You can read about them in this paper seven days a week. But the one thing Memphis has in abundance is people who step up, people who care deeply about the city and work to make it a better place.
This is just the latest example. You'd forgive Hyde and Cates, in particular, if they declined to be a part of any NBA deal. They were part of the last one, after all. In exchange, they got to be part of a decade-long cold war with Michael Heisley, and watched their investment reduced to near zip.
So buy another 30 percent of a team with another out-of-town owner? There's an old axiom that applies to that one. It begins, "Fool me once ... "
But they did it. Incredibly. With a whole new group of civic-minded colleagues pitching in.
"I wanted to make sure the team stays in Memphis," said Orgel. "That's my only reason for wanting to be involved, to make sure the team stays here."
Pera, it should be stated, was totally open to bolstering the Grizzlies lease. The elements of the deal that bind the franchise to Memphis weren't extracted from Pera after exhausting negotiations. They were a sign of his commitment, as much as anything else.
Indeed, Pera and his group didn't understand the local obsession with relocation at first. They had to learn the civic his
tory. But once Pera was brought up to speed, he asked the locals for their suggestion as to the sort of gesture he could make that would allow skeptical Memphians to believe that the franchise is here for the long haul.
In a way, that's always been missing with the Grizzlies, even during the glorious playoff runs. What other fan base consults the terms of an arena lease as much as this one? What other fan base talks as much about the schism in ownership?
It's hard to give your heart, in those circumstances. Or, at least, it's tempting to hold a piece of it back.
Maybe that's why Cates sounded so pleased Wednesday, so gratified and relieved. More than a decade ago, he was part of the group that came up with the crazy idea of bringing an NBA franchise to Memphis. They had big dreams about what it would do for the town. And while there have been undeniable triumphs, the enterprise has been harder than it should have been. Memphis isn't big enough to have feuding ownership. Memphis needs everyone pulling on the same oar.
"We can finally finish what we started," said Cates. "I think this is going to be good."
