Robert Pera’s deal for the Grizzlies keeps rolling along. Some odds and ends:
It made a big splash a week or two ago that a deal had been reached with local owners for the team. I was told at the time that what in fact was being signed was an agreement in principle, and that at the time it hit the news, the document – a page or two long – actually identified itself as a nonbinding agreement.
One source told me: You (darn) well know the real thing’s going to be 200 pages long.
Over the last week or so, we’ve seen more names continually surface as being part of Robert’s deal, but not all of them will necessarily be part of the “local” ownership. i.e., the local guys are getting terms unique to them. I was told today, for example, that it’s looking like those terms will include once the local guys put up their cash, they won’t be on the hook financially, per se, after that. And if Pera ever needs to bring more capital/new owners into the pool, it apparently won’t dilute the percentages of the local guys.
I’m told the local ownership will likely top out at between 10 and 12 people. Also, that group likely will end up contributing at least $50 million to Pera’s bid for the Grizzlies. However, there’s an understanding that they’re not doing it to make money. How it was put to me was, the local guys are basically making a $50 million gift to solidify something that’s important to the city.