Robert Pera, the controlling owner of the Memphis Grizzlies, announced Monday that he will retain his majority interest in the team in connection with the "buy-sell" process.
Pera, 40, made the announcement in an open letter that was emailed to Grizzlies season-ticket holders. He will continue to operate the team with controlling interest after making a "buy-sell" agreement with minority partners.
In his letter, Pera said he is "committed to Memphis as an NBA market and as the home of the Grizzlies."
"We recognize that this has been a trying season for you as fans," Pera wrote. "That serves to reinforce our dedication to continue building a successful NBA franchise. We have made significant investment in our organization in recent years and considerable strides towards our goal of sustained success. We will continue to do so and are confident that you will see the results of those investments in coming seasons."
Pera, who is the founder and CEO of the Ubiquiti Networks, purchased the Grizzlies in 2012.
ESPN's Adrian Wojnarowski contributed to this report.