It is unknown how large a stake Kushner (l) bought in the Grizzlies, though it is expected to be less than 10%GETTY IMAGES
Grizzlies Controlling Owner Robert Pera has "sold a small stake of the franchise" to venture capitalist Joshua Kushner, according to a source cited by David Cobb of the Memphis COMMERCIAL APPEAL. Pera keeps his controlling owner role, while Memphis business exec Brandon Arrindell also "acquired a small stake in the franchise." Kushner and Arrindell "join a minority ownership group that also includes" Univ. of Memphis men's basketball coach Penny Hardaway, former NBAer Elliot Perry and Peyton Manning's wife, Ashley, among others (Memphis COMMERCIAL APPEAL, 3/23). In Memphis, Calkins & Herrington reported the separate minority stakes are of "comparable though perhaps not equal value." It is unknown "what percentages Arrindell and Kushner purchased, but they were not at a level that necessitated a review by the NBA's Board of Governors." A source said that a 10% purchase "would trigger this review" (DAILYMEMPHIAN.com, 3/22).
TALKING POLITICS: In N.Y., Draper & Stein noted the transaction with Kushner, the brother of President Trump's son-in-law Jared Kushner, "closed at the end of February." The Kushner investment "comes at a time when the relationship between top NBA players and the White House is increasingly tense." Joshua Kushner’s politics are "very different from his brother’s," as he is a lifelong Democrat and "said he did not vote for Trump" in '16. He also "participated in both the first Women’s March and the March for Our Lives protests" (N.Y. TIMES, 3/24).
MEMPHIS BLUES: The COMMERCIAL APPEAL's Cobb notes attendance for Grizzlies home games in '18-19 is "guaranteed to reach its lowest level" since '10-11. Entering Saturday night, the Grizzlies were "averaging an announced attendance of 15,385," 26th in the NBA. Even if the team "sells out its last five home games (17,794), the season will end with the Grizzlies averaging 15,679 fans." That would be the "lowest mark since the Grizzlies announced an average of 14,650 at home games" in '10-11. It will be the "fourth straight season attendance has declined at FedExForum" (Memphis COMMERCIAL APPEAL, 3/23).
