Skip to comments.Shelly Sterling: I'm Accepting Offers this Week To Sell the Clippers
Posted on 05/27/2014 1:35:52 AM PDT by iowamark
Shelly Sterling will accept offers this week to buy the Los Angeles Clippers ... and a frontrunner is a group led by former Microsoft CEO Steve Ballmer ... TMZ Sports has learned.
We broke the story ... Shelly met with Ballmer Sunday at her Malibu home, and our sources say his group made "a very competitive offer."
Sources tell us .. Shelly and her lawyer Pierce O'Donnell have put the word out ... they'd like to make a deal THIS WEEK. We're also told NBA Commissioner Adam Silver is aware of what she's doing. O'Donnell would not comment but we're told Shelly and Silver have an open line of communication.
We're told there are several other potential buyers in which Shelly is interested, including:
-- Grant Hill Group (Hill is a former NBA star who teamed up with investment partners) -- Magic Johnson and the Guggenheim Partners (a financial company based in Chicago) -- Patrick Soon-Shiong (surgeon turned multi-billionaire businessman) -- David Geffen and Larry Ellison
Our sources say Oprah Winfrey is no longer in the running.
TMZ Sports broke the story ... Donald has turned full control of the team over to Shelly and she is privately negotiating with Silver to allow her to sell the team on her terms. The team could be worth upwards of $1.5 billion.
I hope she makes as much money as it is possible to make on the team. I’d love to see the Clippers become basically unviable after the sale.
It's no longer the America that allows free speech...at least not for "Whitey".
If I had billions I wouldn’t waste it on paying a bunch of thugs to throw balls into a basket.
My guess is that certain parties dropped out because even after all of the fake outrage they helped stir up, the team still isn’t for sale at fire sale prices. That was they wanted all along.
That or they just wanted to get their names in the news over the kerfuffle.
I think Oprah just wanted her name out there.
I thought for sure Magic would end up owning the team.
lets form an investment group of FReepers and make an offer of $17.76 for the clippers.
What warms my heart is how this transaction will help better the community...cure cancer, remove people from poverty, bring peace to the world? I wish he would have closed down the team and walk away from the entire group of morons.
He could do that. I don’t think the NBA could stop an owner from just shutting down the team.
However, I don’t think Sterling would want to shell out the money that he would have to fulfill all contracts he signed: players, vendors, city, to do this.
I wonder about the valuation. Businesses are usually valued at 1 to 5 times annual revenue from what ive seen. Does he have massive assets in the team?
I think it safe to say that sports franchises, especially in New York or Los Angeles, are glamor businesses whose value cannot be measured in ordinary asset/revenue terms.
Probably but it comes down to money. Only a fool (or politicians) is going to spend a billion dollars on something which is losing money.
A person can only accept ONE offer. Better: This week, I am ENTERTAINING offers for the Clippers.
The irony is if the $1.5B is true, Sterling walks away with $750M of fools money. He’s laughing all the way to the bank. So much for a punishment.
My guess is that certain parties dropped out because even after all of the fake outrage they helped stir up, the team still isnt for sale at fire sale prices. That was they wanted all along.
Magic can go party with Jay-Z but not in the Clippers Owners box as he planned.
That was Magic’s plan all along...and it exposed him as just another typical racist.
Did ANYBODY see this opportunity missed? What if all the enemies of political correctness spoke out yesterday-the day we honored those who died for our freedom? The issue would come to a head, the Genie would be out of the bottle, EVERYONE can be offended then we’ll be better off. Think the late Reggie White when he spoke to the Wisconsin Sn has to take the lead. tate Assembly. To think a black ma
Which would be the same as if he had piled well over half a billion dollars in a field and set fire to it. Where is the sense in that? At least he walks away with hundreds of millions of dollars in profit from his original investment.
My bet is it won’t be a White owner, the NBA will press for a minority owner. ...just ‘cause.
He should have made them vote. It is my understanding that the involuntary sale voids much of the taxes.
Interesting to me that Steve Ballmer was there. He and Chris Hansen were trying to buy the Sacramento Kings and move them to Seattle where they were going to build a new arena. My 1st thought was that he was going to try to move the Clippers to Seattle.
However, this story says that he wouldn’t move them:
And this story says that it would hurt Hansen’s chance of getting a team in Seattle:
I have aaid that if I was 81 and had billions I would shut it down out of spite and pay out the contracts and smile into obscurity.
I also hope that she does so by not selling the team to anyone involved with manipulating for the forced sale.
Maybe Rush Limbaugh should offer to buy the team, but he’s a football guy.
That would work for maybe a game or two. The other owners immediately vote to terminate the ownership, the league takes control of the team, the season goes on, and when the team is sold then Sterling may or may not get the proceeds.
Bad as they are the Clippers have never lost money. Sterling has generally had a rock-bottom payroll, he gets the Staples Center for next to nothing, he gets a cut of all the NBA revenue from TV and the like. He clears in excess of $10 million a year from the team.
Yeah they can. From the NBA Constitution: "The Membership of a Member or the interest of any Owner may be terminated by a vote of three fourths (3/4) of the Board of Governors if the Member or Owner shall do or suffer any of the following:(h) Disband its Team during the Season, dissolve its business, or cease its operation."
Only a fool would invest 1.5 billion to make 10 mil/yr.
You ignore the appreciation in the team value. Sterling bought the Clippers for $12.5 million. Assuming for the sake of argument your $1.5 billion figure is accurate then he stands to make quite a profit from that investment. As will anyone who buys the team from him.
Besides, it isn't the money it's the status of being a pro sports team owner that is the real attraction. With the Clippers Sterling is a sports mogul. Without them he's a slumlord.