Robert Pera will retain his interest in the Memphis Grizzlies as part of a buy-sell process.
Pera will continue to operate the team with controlling interest after making a "buy-sell" agreement with minority partners.
Steve Kaplan and Daniel Straus each exercised their "buy-sell" clause in which they could either buy out Pera of his interest, or be bought out themselves with the price set by them.
In his letter to season ticket holders, Pera said he is "committed to Memphis as an NBA market and as the home of the Grizzlies."
"We recognize that this has been a trying season for you as fans," Pera wrote. "That serves to reinforce our dedication to continue building a successful NBA franchise. We have made significant investment in our organization in recent years and considerable strides towards our goal of sustained success. We will continue to do so and are confident that you will see the results of those investments in coming seasons."