Deal with local investors could keep Grizzlies in Memphis for 15 years

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There are rumors that he is not doing well financially and that the sale could be in trouble, but young tech industry wiz kid Robert Pera, 34, is pushing ahead with efforts to buy the Memphis Grizzlies.

And they will stay the Memphis Grizzlies under a new deal with local investors that Pera has reached, reports the Memphis Commercial Appeal.

Pera has agreed to three provisions: 1) a $100 million penalty if the team is moved, 2) a right of first refusal under which the local owners will be able to match any offer Pera receives to sell the team and 3) the right for the locals to buy the team from Pera at the current price if he wants to move it. All provisions are in effect for the next 15 years.

Pera had said previously he didn’t plan to move the Grizzlies, but these investors will put that deal in writing, not just make it a handshake agreement.

The only hurdle now is getting the NBA to approve Pera as owner. And that may be a high hurdle.

Pera’s company, Ubiquiti Networks Inc., has found itself in hot water because its products were illegally sold into Iran. The other issue is that this and other controversies have dropped the stock price of Ubiquiti, and with it Pera’s worth down to $800 million. Which is a lot, but if you are buying a team for $350 million that’s not as rich as it seems.

The league is still working through the background and other details of the Grizzlies’ sale. But bringing in local investors with this deal is going to help Pera’s cause because he has to pay less and it keeps the Grizzlies in town. Nobody wants to see the team moved to San Jose, or anywhere really.

Victor Oladipo’s practice dunk better than anything he – or maybe anyone – did in dunk contest (video)

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Victor Oladipo has grown into far more than just a dunker.

In fact, in Saturday’s dunk contest, he didn’t look like a dunker at all.

The Pacers star missed all three attempts of his first dunk, and a Black Panther mask was by far the biggest draw of his second. Oladipo was eliminated after the first round.

Maybe Dennis Smith Jr. wasn’t the only eliminated dunker who left something in his bag. This Oladipo dunk – 180 degrees, throwing ball off the backboard with his left hand while in mid-air, dunking with his right hand – while preparing in Los Angeles was awesome.

Larry Nance Jr. had the contest’s best dunk. This would have rivaled it.

Pelicans owner Tom Benson hospitalized with flu symptoms

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METAIRIE, La. (AP) — New Orleans Saints and Pelicans Owner Tom Benson has been hospitalized with flu symptoms.

A statement released Wednesday by the NFL and NBA clubs says their 90-year-old owner is resting comfortably at Ochsner Medical Center, a hospital which also serves as a major sponsor and which owns naming rights to the teams’ training headquarters.

Benson has owned the New Orleans Saints since 1985 and bought the New Orleans Pelicans in 2012.

In recent years, Benson has overhauled his estate plan so that his third wife, Gayle, would be first in line to inherit control of the two major professional franchises.

 

Report: Seattle hosting Kings-Warriors preseason game

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Kevin Durant spent his rookie season in Seattle, before the SuperSonics moved to Oklahoma City and became the Thunder. He has said Seattle fans deserved to see him grow up in the NBA after supporting his promising start.

They’ll get their chance.

Ailene Voisin of The Sacramento Bee:

The Kings and Golden State Warriors have scheduled a preseason game next season in Seattle, according to multiple league sources.

The Oct. 6 meeting between Northern California teams will be the first NBA game in the Key Arena since the Sonics moved to Oklahoma City after the 2007-08 season and became the Thunder.

This game will be loaded with storylines. Not only Durant, but the Kings considered moving to Seattle a few years ago. And of course, the return of NBA basketball to Seattle.

At some point, Seattle will get its own team again. For now, this preseason game creates intrigue there.

Report: Kawhi Leonard cleared medically, seeking second opinion

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Spurs coach Gregg Popovich said he’d be surprised if Kawhi Leonard played again this season, a stark reversal from just a month ago. Back then, even while announcing Leonard was out indefinitely with a quad injury, the San Antonio coach said Leonard wouldn’t miss the rest of the season.

What’s going on?

Adrian Wojnarowski of ESPN:

After spending 10 days before the All-Star break in New York consulting with a specialist to gather a second opinion on his right quad injury, All-NBA forward Kawhi Leonard bears the burden of determining when he’s prepared to play again, sources told ESPN.

Leonard has been medically cleared to return from the right quad tendinopathy injury, but since shutting down a nine-game return to the Spurs that ended Jan. 13, he has elected against returning to the active roster, sources said.

The uncertainty surrounding this season — and Leonard’s future which could include free agency in the summer of 2019 — has inspired a palpable stress around the organization, league sources said.

At first glance, this sounds like Derrick Rose five years ago. Even after he was cleared to play following a torn ACL, the then-Bulls star remained mysterious about when he’d suit up. His confidence in his physical abilities seemed to be a major issue, and he was never the same player since (suffering more leg injuries).

But the Spurs famously favor resting players to preserve long-term health. They seem unlikely to rush back Leonard. They might even sit players who want to play more often. And Leonard isn’t Rose.

Still, it’s clear something is amiss in San Antonio. Maybe not amiss enough to end Leonard’s tenure there, but the longer this lingers, the more time for tension to percolate.