Memphis Grizzlies owner Robert Pera announced Monday evening that he is going to retain his controlling interest in the franchise.

The announcement came via email to Grizzlies MVP season ticket holders as well as a formal notice Pera sent to the NBA.

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 forced 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.

Here is the statement from Robert Pera….

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