New Chairman Says Memphis Really Owns Grizzlies

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MEMPHIS, Tenn. (AP) - The new chairman of the Grizzlies says he "fully understands" that Memphis really owns the NBA team, even though he's the controlling owner.

Robert J. Pera introduced himself Monday morning along with the new chief executive officer of Memphis Basketball, LLC, the group that bought the Grizzlies from Michael Heisley for $377 million in a sale finalized last week.

Pera says they plan to put together a competitive team while also building a great brand and product. He says the Grizzlies organization will be very involved with the city.

He made his first big move Sunday, naming Jason Levien as the CEO and managing partner of Memphis Basketball, LLC. That puts Levien in charge of the ownership group operating both the Grizzlies and FedExForum.