Peyton Manning and Penny Hardaway part owners of the Memphis Grizzlies

 
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PostPosted: Thu Oct 04, 2012 1:27 pm    Post subject: Peyton Manning and Penny Hardaway part owners of the Memphis Grizzlies

http://espn.go.com/nba/story/_/id/8461647/peyton-manning-part-ownership-group-buy-memphis-grizzlies-sources

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Peyton Manning part-owner in NBA



Denver Broncos quarterback Peyton Manning isn't allowed to own a piece of a football team per NFL rules, but that doesn't mean he can't own a piece of another team in another sport.

Sources have confirmed to ESPN.com that Manning is part of the proposed ownership group led by Robert Pera, who agreed to buy the Memphis Grizzlies from Michael Heisley for about $350 million this summer.

The news of the involvement of Manning, who played collegiately at the University of Tennessee, was first reported by Chris Vernon of ESPN Radio Memphis. The ownership stake is actually in the name of Manning's wife, Ashley, but one source confirmed that Peyton Manning is involved. The Mannings' stake in the team and how much they paid for it is not yet known.

Through last week, Manning has earned more than $178 million on the field and tens of millions of dollars more off it as the most popular endorser in the NFL.

Since Pera agreed to the deal, shares of his company Ubiquiti Networks has been hard hit. On a single day in August, Pera lost $365 million on paper when the company's stock plummeted. Shares since have rebounded modestly.

In recent months, Pera has added local partners, including AutoZone founder J.R. "Pitt" Hyde and financier Staley Cates, who were minority owners under Heisley. In September, Pera scored pop star and actor Justin Timberlake on the ownership roster. Sources also confirmed Thursday that former NBA player Penny Hardaway -- who grew up in Memphis and played at Memphis State -- has joined the group.

A source with knowledge of the sale told ESPN.com's Marc Stein that the transfer of ownership from Heisley to Pera and his high-profile partners remains on course to be approved by the start of the regular season later this month. The NBA Board of Governors is scheduled to have its meeting Oct. 24-25 in New York City.
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PostPosted: Fri Sep 08, 2017 4:56 pm    Post subject:

http://nba.nbcsports.com/2017/09/08/something-to-watch-grizzlies-minority-owners-buying-team-next-month/

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Something to watch: Grizzlies minority owners buying team next month

The Houston Rockets selling for $2.2 billion has other owners considering their options. That includes Brooklyn Nets owner Mikhail Prokhorov is looking to sell at the right price and timeline.

But the first team to be sold could be the Memphis Grizzlies.

A couple of minority owners have the rights to make an offer on the team this October and it’s possible primary owner Robert Pera may take it. Pera owns 30 percent of the team, the most of any minority owner (making him the primary owner), but Steve Kaplan and Daniel Straus have the rights to make an offer for the team, something broken down by ESPN back in 2016 and updated recently by The Ringer.

At that time, Kaplan and fellow minority owner Daniel Straus, an East Coast health care magnate and the team’s vice chairman, have an option to make a bid for controlling interest in the team at a price of their choice, sources said. At that point, Pera would have two options: buy out Kaplan and Straus at that named price, or sell his shares to them based on the same valuation. Control of the decision ultimately would rest with Pera.

Kapan and Pera have had a feud, which is part of this. The agreement set up between Pera and Kaplan/Straus back when Pera bought the teams says that Pera either needs to sell his shares to them at the price Kaplan/Straus set or buy them out, based on their percentage of that valuation. Pera is a largely absentee owner at this point who could turn a healthy profit selling his share.

There are 20 owners of the Grizzlies — including Justin Timberlake — all with a minority share, Pera just has the largest. Kaplan wants his own team, he was part of a group trying to buy both the Hawks and then the Timberwolves. This is his chance.

How much are the Grizzlies worth? Forbes estimated $790 million (their estimates are notoriously off), but based on what Forbes valued the Rockets at vs. what they sold for, the Memphis number is probably close to $1 billion. Pera owns 30 percent of the team, so we are talking around $300 million. If Kaplan bought the entire 30 percent, he would own a little more than 44 percent of the team.

Right now the Grizzlies are a profitable team, largely because the community has bought into with the “grit & grind” style and attitude and filled the building. However, while the team has retained Marc Gasol and Mike Conley, it has gotten older and will be in a fight to make the playoffs this season. A rebuild is in its future, which could impact future income and the sale price.

It’s all just something to watch. One way or another, there will be some movement in the Grizzlies ownership next month.
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