The Memphis Grizzlies are valued between $1.3 billion and $1.4 billion under the terms of a buy-sell clause. Robert Pera will retain control of the franchise.
The clause gave Steve Kaplan and Daniel Straus the option of buying the team out from Pera by naming a price for his shares.
Once triggered, the three groups negotiated for 60 days to try and strike a deal before Kaplan and Straus submitted binding bids.
Straus' bid was higher than Kaplan and Pera will match the bid and buy him out. It is unclear what will happen with Kaplan and his shares.