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Grizzlies ownership group in place

Updated: November 5, 2012, 11:05 PM ET
Associated Press

MEMPHIS, Tenn. -- The new chairman of the Grizzlies said he "fully understands" that the people of Memphis really own the NBA team, even though he's the controlling owner.

Robert J. Pera is not only saying the right things, he has put it in writing.

Pera, who introduced himself to Grizzlies fans Monday morning at FedExForum, agreed to provisions to keep the team in the city for at least 15 years.

"Memphis as a city, it's unbelievable," Pera said. "The people have been great. ...

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