Steve Kaplan and Daniel Straus exercised their buy-sell provision in their ownership agreement of the Memphis Grizzlies with Robert Pera.
Kaplan and Straus are minority owners with Pera the controlling owner.
Pera will have to decide whether to buy out Kaplan and/or Straus to keep control of the team or sell his shares at the set price and remove himself from the ownership group.
Pera was forced to bring on Kaplan and Straus after his Ubiquiti Networks tech company took a significant plunge. Pera's net worth has since recovered and more than doubled since purchasing the Grizzlies.
Pera is rarely in Memphis to attend games and his level of involvement with the franchise has drawn questions.
Sources say Pera's absentee approach has led to tension with minority owners.
Kaplan attempted to buy the Wolves from Glen Taylor but that deal fell through. Kaplan also was outbid for the Hawks in 2015.