Steve Kaplan and Daniel Straus have valued the Memphis Grizzlies at more than $1 billion as part of their buy/sell clause with controlling owner Robert Pera.

Pera must decide whether he will sell his stake to Kaplan and Kraus at that valuation or buy them out at it.

The majority of Pera's net worth is held in Ubiquiti Networks stock.

Pera purchased the Grizzlies in October of 2012. When Pera bought the team in 2012, the NBA had concerns about Pera affording the team on his own and suggested the unusual buy/sell option between Pera, and Kaplan and Straus.

Pera put in $38 million of equity while Kaplan and Straus put in $25 million each.

Local limited partners put in a total of $78 million.