Turner Sports analyst David Aldridge shared an email Pera had written to season ticket holders confirming hid decision:
ESPN's Zach Lowe and Brian Windhorst first reported in March 2016 there was a special clause in the agreement between Pera and minority owners Steve Kaplan and Daniel Straus. By triggering the clause, Kaplan and Straus would force Pera to either buy out their shares at market value and take a controlling stake in the team or sell off his stake to Kaplan and Straus.
The Athletic's Jon Krawczynski reported Kaplan and Straus exercised the clause, which gave Pera a deadline by which he had to decide on his future as an owner of the Grizzlies.
On Tuesday, Lowe reported the deal values the franchise between $1.3 and 1.4 billion.
The fact that Pera announced his decision at least ends what had been an ongoing story throughout an underwhelming 2017-18 season for the team. Yahoo Sports' Chris Mannix highlighted another important part of Pera's statement:
The Washington Post's Tim Bontemps, however, didn't eliminate the possibility Pera would put the Grizzlies up for sale:
Krawczynski also noted Pera has been far from an ideal owner, describing him as "a shadowy figure" who is "almost never in Memphis to attend games." Pera didn't get along with former head coach Dave Joerger, either, which led Joerger to work his way out of the organization after he took the team to the playoffs three straight years.
But having one clear power structure in place at least represents progress for the Grizzlies after the general doubt the dynamic between Pera, Kaplan and Straus had created behind the scenes.