Source: Joshua Kushner Buys Minority Stake In Grizzlies

Kushner and wife Karlie Kloss at the NBA All-Star Game in CharlotteNBAE/Getty images

Grizzlies minority owners received notice Friday that Controlling Owner Robert Pera has "sold a small stake of the franchise" to venture capitalist Joshua Kushner, according to a source. Pera keeps his controlling owner role, while Memphis businessman Brandon Arrindell also "acquired a small stake in the franchise." Kushner, the brother of President Trump's son-in-law Jared Kushner, and Arrindell "join a minority ownership group that also includes" Univ. of Memphis men's basketball coach Penny Hardaway and Peyton Manning's wife Ashley (Memphis COMMERCIAL APPEAL, 3/23). 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 BOG. A source said that a 10% purchase "would trigger this review" (DAILYMEMPHIAN.com, 3/22).