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Delay in Wolves sale exposes Grizzlies ownership drama

Delay in Wolves sale exposes Grizzlies ownership drama
delay-in-wolves-sale-exposes-grizzlies-ownership-drama
The uncertainty surrounding the Elias Lindholm Womens Jersey potential acquisition of the Minnesota Timberwolves by a minority owner of the Memphis Grizzlies has exposed turmoil within the Memphis ownership group, clouding future control of both franchises, sources told ESPN.com. Grizzlies minority owner and co-executive chairman Steve Kaplan, a California venture capitalist, had planned to sell his Grizzlies stake to buy 30 percent of the Wolves with a path to eventually take over as the Wolves' controlling owner. However, sources tell ESPN's Brian Windhorst and Zach Lowe, a dispute between Kaplan and Grizzlies owner Robert Pera over shares of the team led to behind-the-scenes trouble that took months to resolve. It was recently settled after Kaplan threatened to initiate an arbitration procedure, sources said. The terms of the settlement are confidential, and multiple sources declined to comment on them. NBA owners cannot formally sue each other under league rules, and minority owners typically must sell shares of one team before buying into another. The resulting delay has put Kaplan's Mike Ribeiro Youth Jersey deal with Wolves owner Glen Taylor in jeopardy. Kaplan and an investor went to Minneapolis earlier this month to meet with Taylor to salvage the process. Meanwhile, sources say Pera has been distant from Memphis over the past year and has excluded minority owners from any meaningful participation in team decision-making, which is his right as controlling owner. Kaplan is worried that the market for his minority interest will dry up once potential buyers complete their due diligence on Pera's ownership techniques, sources said. In selling his minority stake on the open market, Kaplan has been asking for close to $100 million for his 14 percent share -- pegging the team's value at roughly $700 million. Kaplan's figure is a big-enough number to turn off some potential investors, sources said. The drama could drag on, particularly because of an unusual clause in the Memphis ownership agreements that Kaplan can trigger in October 2017 -- on the five-year anniversary of their purchase of the team with Pera. At that time, Kaplan and fellow minority Kyle Turris Womens Jersey 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. The so-called "buy-sell" clause is merely an option, and it is unclear whether Kaplan or Straus would ever trigger it -- especially because Pera could simply force them to pay up if they named a wildly high price. It is relevant because it would give Kaplan a possible path to team ownership if his deal to buy into the Wolves doesn't finalize. Kaplan had been making plans to become http://www.officialnuggetsshop.com/authentic-21-wilson-chandler-jersey.html involved with the Wolves and consult on front-office, coaching and roster moves, sources said. He was expected to spend time traveling with the team to get to know the players during the season. Those plans have been scrapped, and inside the Wolves there is a growing assumption that Taylor will remain as primary decision-maker for the near term. This has been received as good news by incumbent general manager Milt Newton and interim coach Sam Mitchell, sources say.

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