“If I were Robert Pera, I probably wouldn’t make this deal.”
That’s what I was told by one area business leader involved in the local ownership group Robert Pera has put together as the California businessman nears the final stretch toward buying the Memphis Grizzlies. And even though it doesn’t sound like it, taken out of context, that source’s comment was intended as a compliment to everything Pera has agreed to as part of the Griz deal – i.e., how much the deal is steered in Memphis’ favor.
Among other things, Pera has set up a scenario where he may well not make any money from buying the team, considering he’s agreed to a $100 million penalty if the team is moved sometime in the next 15 years and that the local owners have a first right to match any sell offer Pera gets for the team. The local owners also have the right to buy the team from Pera at whatever price he bought it for if he ever wants to move it.
Griz nation will be eagerly awaiting the outcome of the NBA Board of Governors meeting in New York this week (Oct. 24-25), when it’s expected they’ll vote on Pera’s bid for the team. I’ve also been told Pera probably won’t end up owning the biggest chunk of the team, and instead of being the majority shareholder, once everything is finalized the rest of the ownership group will vote him as the controlling shareholder.
I’ve heard numbers of between $50 million and $75 million by way of spelling out how much the local owners are putting into the deal.
All of this, naturally, could be tweaked somewhat by the time it’s all said and done. It made a big splash a few weeks ago that Pera had reached a deal with local owners to keep the team in Memphis, but what in fact had been signed was an agreement to make an agreement, with the document itself identifying itself as a nonbinding agreement.
Underscoring that, I was told by one participant: “You (darn) well know the real thing’s going to be 200 pages long.”
AutoZone has just released its latest annual report. In a summation of risk factors that could affect the company’s business, the company makes a reference to President Obama’s health care law:
“While the significant costs of the recent healthcare legislation enacted will occur after 2013 due to provisions of the legislation being phased in over time, changes to our healthcare costs structure could have a significant, negative impact on our business.”
While former St. Louis Cardinal Albert Pujols missed the postseason out in Disneyland, his old team rolls on and Albert has to listen as the national media pounds the fact that, well, they just didn’t need him that much after all.
Jeff Passan of Yahoo Sports! summed things up nicely: “The Cardinals are still the team that sleepwalks through the regular season, treats October like a play toy and wins ballgames like it’s some birthright. They are still packing Busch Stadium to the gills, serving cold beer and good times, and delivering jolts of electricity throughout the place like a live wire.”
In other words, Cardinals baseball is the same as it ever was during the Albert years and, for that matter, the Tony La Russa years. The team has been money in the games that matter most with Mike Matheny as a first-year manager, Allen Craig or Matt Carpenter at first base, and a bullpen full of hard throwers.
With one more win tonight in the National League Championship Series, Albert can kick back and watch his old team in the World Series with everybody else.
How green is the grass in California now?
On the heels of news that First Tennessee Bank’s parent company has offered a round of buyouts to employees and the brother of Tenn. Gov. Bill Haslam is leaving the board to focus on other entities like his NFL team, company CEO and chairman Bryan Jordan is getting a pay cut.
Jordan, the top exec of Memphis-based First Horizon National Corp., is taking a cut to his total compensation package including a 5 percent reduction to his cash salary, and he recommended cuts for the rest of the company’s executive leadership as well.
First Horizon reports earnings Friday morning, Oct. 19.
Each night leading up to Halloween, “the ghosts” of Obsidian PR will leave a different PR tip for the undead on the company’s front door at 493 S. Main St.
Today’s message is: “Timing is everything. No one’s going to attend a 7 a.m. séance.”
Obsidian is posting updates on social media on Twitter and Facebook.