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Drew Hill: Breaking: Marc Gasol has announced his retirement from playing basketball, paving the way for the Grizzlies to retire his uniform, as team owner Robert Pera once promised when he was traded. ⏳ Stay tuned
The dispute, now more than a decade old, centers around how the deferred compensation liability was handled before and after Memphis Basketball (a group led by Robert Pera) purchased the team in 2012 from Hoops, a group led by Michael Heisley, who passed away in 2014. The deferred compensation stemmed from the play of Conley and Randolph in the 2009, 2010 and 2011 seasons. A three-judge panel held that under federal tax law, Hoops could only deduct deferred compensation expenses when it pays the employees or contributes to a trust, pension fund or other qualified plan.
Damichael Cole: Zach Kleiman: “We are not going to have any issue paying anyone we want to pay. … Not worried small market notions.” BIG BANK ROBERT PERA 💰💰
The Memphis Grizzlies today announced the franchise has entered into a long-term extension with Executive Vice President of Basketball Operations and General Manager Zach Kleiman. Per team policy, terms of the extension are not disclosed publicly. “Zach has proven to be a strong cultural leader in this organization, consistently demonstrating high-integrity, hard-work, humility and a drive for continuous improvement,” said controlling owner Robert Pera. “We have confidence in our strategy and believe it will result in an elite organization over the long-term.”
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“Zach has proven to be a strong cultural leader in this organization, consistently demonstrating high-integrity, hard-work, humility and a drive for continuous improvement,” said controlling owner Robert Pera. “We have confidence in our strategy and believe it will result in an elite organization over the long-term.”
Brian Windhorst: What if I told you that Robert Pera, when he bought the Grizzlies his stock price was at $8. And he struggled to put the deal together, he only buys 25%. It took him four months to raise the money. What if we told you that today is his stock price for Ubiquiti Networks trading at 285 and that he owns 75% and adjust in stock value. He's worth over $15 billion.
Last time we looked Memphis Grizzlies controlling owner Robert Pera had weathered a financial storm, moved his head office to Manhattan and watched the stock price for his startup, Ubiquiti Networks, climb into the stratosphere. Now, eight years after the reclusive young Californian bought into Memphis’ professional basketball team, he has made headlines again by spending newsworthy sums. What's he buying? Residential properties on both coasts including a design for a “medieval-like fortress” in Lower Manhattan and a posh Florida residence near entertainer Diddy have cost him over $70 million, The Wall Street Journal reported.
The Journal, a national newspaper published in New York, said over four years Pera had “purchased in some of the most expensive and exclusive buildings in both New York and Seattle, and is building a brand-new mansion on a highly exclusive island in Miami Beach.”
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Deep within the Memphis Grizzlies’s lease at FedExForum, there is a trap door that could force the city and county to buy millions of dollars of season tickets — or allow the Grizzlies to terminate the lease early if the city and county decline. The little-known provision kicks in after the team’s 15th season at FedExForum.
The “early termination” section provides that the Grizzlies “shall have the right, but not the obligation, to exercise The Early Termination Right” if in any season after the team’s 15th season in FedExForum 1) average paid attendance is “less than 14,900,” or 2) “the 64 largest suites are not sold in full,” or 3) “the number of Club Season tickets is less than 2,500.” The Grizzlies do not release average paid attendance, suite sales or club ticket sales. But average paid attendance for the portion of the 2019-2020 season that was played in FedExForum before the season was suspended is believed to be well under 14,900 per game — and dramatically under the 15,857 announced attendance.
Discussions between the parties — which have been largely tabled during the COVID-19 pandemic — have been amicable and geared to finding a mutually satisfactory solution, according to those with knowledge of the talks. At no time have the Grizzlies threatened to invoke the provision to terminate the lease and relocate the team. Grizzlies majority owner Robert Pera has repeatedly stated he is committed to keeping the franchise in Memphis.
Shams Charania: Sources: President Donald Trump is scheduled to hold a call Wednesday with his committee focused on reopening America, which includes major-league commissioners, Mavericks owner Mark Cuban, Patriots owner Robert Kraft and Cowboys owner Jerry Jones.
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