June 2, 2014
Top News Today
Pending approval (a mere formality) by the NBA Board of Governors, the Clippers were sold late last week to former Microsoft CEO Steve Ballmer for a whopping $2 billion dollars. NBA Commissioner Adam Silver allowed sale of the franchise to Ballmer on condition that Shelly Sterling and the Trust not sue the NBA, and that the NBA be indemnified against lawsuits from others, including the $1 billion dollar lawsuit from Donald Sterling.
Donald Sterling was preparing a massive lawsuit against the NBA for the lifetime ban he received as well as the $2.5 million dollar fine levied against him after he made racist remarks to ex-girlfriend, V. Stiviano. The confirmed sale between the Sterling’s and Steve Ballmer means this suit will no longer proceed.
In 1981, Donald Sterling acquired the Clippers for a mere $12 million dollars. Earlier this year, Forbes estimated the team to be worth approx. $575 million. Today, the return on Sterling’s initial investment is beyond belief and more than enough to put to rest any further legal action or pursuit of financial penalty.
Top News Today
New LA Clippers owner Steve Ballmer has vowed to keep the team located in Los Angeles, which was reportedly a condition of the NBA’s approval of the sale.
The $2 billion dollar price tag is the most by far for an NBA team, topping the $550 million paid for the Milwaukee Bucks earlier this year. The payout also ranks among the highest ever for a North American professional sports franchise. With the sports world in agreement that he overpaid, Ballmer defended the amount of his bid in an interview with the Los Angeles Times on Friday, saying he was really paying for the Clippers’ potential value.
“I’ve got big dreams for the team,” he told the Times. “I’d love to win a championship. I’d love the Clippers to be the most dynamic, vibrant team and name in professional sports.”
Did Steve Ballmer overpay? Or does none of this matter now that Donald Sterling is no longer the owner?
"Did Steve Ballmer overpay? Or does none of this matter now that Donald Sterling is no longer the owner?"
My answers: Yes. …and No, it really doesn't matter.
Apparently, Ballmer had tried, at least twice, to buy a pro basketball team AND FAILED both times. He obviously wants a team so badly…and he has a ton of money…he was willing to shell out a ridicules sum of money.
The NBA had a hot potato on their hands and they wanted to get rid of *IT* as quickly as possible.
Enter Ballmer with his $2 billion dollar bid…the Sterlings primary interest being MONEY… and (SNAP)…in no time, the deal is done.