Posted on 05/23/2014 8:45:04 AM PDT by SeekAndFind
Donald Sterling is no longer the controlling owner of the Los Angeles Clippers ... TMZ Sports has learned he just surrendered control to his estranged wife, Shelly Sterling, and she is now secretly negotiating with the NBA to sell the team ... ON HER TERMS.
Sources close to the Clippers organization tell us ... Donald made the decision because he saw the handwriting on the wall -- as long as he remained in control, the NBA would order an involuntary sale of the team.
Our sources say Shelly and her lawyer, Pierce O'Donnell, have been secretly meeting with NBA Commissioner Adam Silver and NBA lawyers to "resolve the dispute amicably." We're told Shelly realizes the NBA wants the team sold, but she has significantly more leverage and credibility with the league than Donald. Her end game is simple -- she won't object to the sale, but SHE wants to call the shots.
(Excerpt) Read more at tmz.com ...
The other owners have a problem in that if they order the sale, the Sterlings could refuse and provoke a court fight.
A fight that, thanks to discovery and the ability of the Sterlings to finance an army of PIs and informants, would turn very very ugly as other owners gave THEIR dirty laundry aired out in court as the Sterlings were unfairly targeted for discrimination ...
Go Shelly —
The price just went up
That’s the illusion. The reality is the other owners’ behavior won’t matter one bit in a court fight. They have all the headlines they need to prove his ownership had become detrimental to the league, and the league constitution to say that they have the right to vote out an owner that has become detrimental to the league. Their dirty laundry hasn’t generated the headlines so it is simply immaterial, heck even with headlines it would be immaterial because they aren’t the question. The question is do they have the right to jettison an owner who has proven detrimental to the league, the answer is yes, and he has, and he’ll be gone.
Which is why he’s bailing. He’s got good lawyer and long history of being involved in messy litigation. If he thought he could win he’d fight. He isn’t fighting. If the other owners had a problem THEY’D be the ones caving.
Actually, I do think you’re wrong.
My understanding is that the team is “owned” by the Sterling family trust, not Sterling himself. He (or, more accurately now his wife) is just the manager of the trust.
That adds all sorts of layers to the complexity of the situation.
Well under Cali law yeah he would
We talk about NBA rules different rules
he has every right to stand his ground....the accusations are baseless....stupid banter from another viagra needing rich eltiist on the make who by the way said nothing criminal nor threatening....
he has every right to stand his ground....the accusations are baseless....stupid banter from another viagra needing rich eltiist on the make who by the way said nothing criminal nor threatening....
...TMZ Sports has learned he just surrendered control to his estranged wife, Shelly Sterling, and she is now secretly negotiating with the NBA to sell the team ... ON HER TERMS.
Go Shelly —
The price just went up
Run and tell Magic and the Oprah!
How does he “still own the franchise” if it’s sold?
_________________________________________
The franchise isn’t sold. Nor is it likely to be sold.
TMZ is a gossip site. They’re just speculating
As I frequent some sports forums, believe me, there are quite a few on those forums who want to condemn anyone not adhering to the liberal agenda. These nuts want to go after the Orlando Magic owner because he has donated to Christian orgs. which do not support homo marriage.
TMZ is a gossip site. They’re just speculating
But, but they have a “sports” division and everything ;) /s
If it classified as an involuntary sale, not only will the Sterlings be able to get a great price for the team; not paying taxes will will result in a huge financial gain not otherwise possible.
Donald Sterling must realize how much better off he will be financially than if he just sold the team on a voluntary basis.
At the end of the day - Sterling still owns the franchise and nothing changes.
Yep. It's an interesting move, though. Mrs. Sterling is not the unsympathetic figure that her husband is (regardless of whether anything he did or said was technically wrong). If the league or any of the NBA players who so love to mouth-off try to smear her, her lawyers will be waiting.
He might still own the team while “surrendering control.”
He and his wife simply agree that she is CEO, or chairman of the board, however their ownership papers so designate.
That doesn’t mean he isn’t calling her every hour to issue orders, etc...but of course it doesn’t mean she is listening either.
He has to hope she will continue working in both their interests...though their interpretation of that may differ.
But if she goes completely rogue (so to speak) and wants to divorce, then both their ownership interests will suffer terribly, because they won’t be selling a full ownership...they will each be half owners (or something like that) and each will lose a great deal in valuation.
Fascinating situation. They may now find themselves more closely aligned, and working together more closely, than they probably ever have.
She also has a massive amount of good will / sympathy. The betrayed wife of a racist gets control of the team. She is now the only female owner/manager of an NBA team and wants the money for a team she’ll say she helped build.
The public wouldn’t care as much if Mr. Sterling was forced into a corner, faced massive fines and forcibly divested. Put the old lady whose husband was dinking a much younger woman at the negotiating table, and the NBA looks really bad for ripping her off.
Sue Magic Johnson for collusion with the girlfriend to take over a billion in property. And, if his wife divorces him, for undermining his marriage AND alienation of affection of the girlfriend.
She doesn’t have any goodwill. She’s just as mixed up in the racism scandal as he is because the old stories (most of which involved her) came up. And they were estranged before all this started, so she’s not really betrayed.
And she won’t get ripped off. It’s in the NBA’s best interest for the Clippers to have a fair market sale, the previous few prices set the negotiating start point for the next few sales. If the Clippers go too cheap the next 3 guys who sell look to lose money on the deal.
Welcome to the Union of Soviet Socialist Republics.
Which is why I'm not surprised, and not even particularly angry at the federal judges, when every one in the nation (both Republican and Democrat nominees) seem to be breaking down the court room doors in a rush to throw out voter passed gay marriage bans and write all kinds of glowing praise of homosexuality in their ruling. They may be spineless cowards, but they ain't stupid, they know if the rule the "wrong" way, their careers are over and they and their families might even be in physical danger. We are starting to see what it was like living in the old Soviet Union, where you either vigorously spouted the "party line" or you could and would have everything taken from you...or worse. We haven't reached the "or worse" stage yet, but don't for a minute think that those on the left wouldn't lock "dissidents" up if they thought they could get away with it
It would not surprise me if he takes some of the profits he made from the team over the years and take out contracts on those who forced him out of his own property. They destroyed his life for no reason, he should have theirs destroyed.
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