Is he insane? Sterling sells Clippers to Microsoft CEO for record breaking $2-billion
By Catholic Online (NEWS CONSORTIUM)
5/30/2014 (2 years ago)
Catholic Online (www.catholic.org)
The Los Angeles Clippers have an apparent worth of $2-billion, at least according to former Microsoft chief executive Steve Ballmer, who won a bidding war for the team, edging out offers of $1.6 and $1.2-billion.
The NBA has pressured the Sterling family to sell the Clippers after racist comments made by Donald Sterling were made public.
LOS ANGELES, CA (Catholic Online) - The bid set a record for the highest price of an NBA franchise, edging out the previous record holder by nearly four times the amount; earlier in May, the Milwaukee Bucks sold for $550-million. The bid is also the second highest price ever paid for a sports team in North America, following the sale of the L.A. Dodgers for $2.1-billion in 2010.
The co-owner of the Clippers, Shelly Sterling, concluded the deal with Ballmer late in the evening of May 28, but an attorney for Donald Sterling-who is also an owner of the team-said that deal still needs Mr. Sterling's signature.
"There's been no sale. There can be no sale without Donald's signature," said Bobby Samini, Mr. Sterling's attorney.
Mr. Sterling had agreed to let his wife conduct the sale of the team during the previous week, after changing his stance on selling the team numerous times. Mr. Sterling has owned the Clippers for more than three decades, and was heavily pressured into selling the team after a secret recording in which he insulted African Americans was released.
The final sale will also need the approval of three-fourths of the 30 NBA owners, though as long as Ballmer reaffirms his promise not to move the team to Seattle, it is expected to gain the needed approvals.
Ballmer has said that he does not intend to move the team from L.A., as the team's value only makes sense if it remains in L.A., the country's second biggest media market.
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