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Sterling too mad to stop Ballmer buying basketball team (Wife signs the deal though )
fudzilla.com ^ | Friday, 30 May 2014 09:46 | Nick Farrell

Posted on 05/30/2014 9:01:01 AM PDT by Ernest_at_the_Beach

Los Angeles Clippers basketball team owner Donald Sterling is apparently too mentally ill to stop his wife from flogging the team to the shy and retiring former Microsoft boss Steve Ballmer.

Apparently Ballmer will write a cheque of $2 billion for the team which is a new record price for an NBA team. Ballmer has a bob or two in the bank after leaving Microsoft and has a net worth of $20 billion, more if you boil him down for chemicals.

Apparently Sterling did not want to sell the team, however The Sterling Family Trust owns it, with Donald and his wife Shelly each owning half. The trust spells out provisions and procedures related to the mental capacity of the trustees, and Donald Sterling did not meet the standard in a determination by experts, giving his wife sole decision-making power for the trust.

Sterling was believed to be a sandwich short of a cut lunch after he was caught insulting African-Americans in a secret audio recording. Under the deal Ballmer gets all of the team, though Shelly Sterling still could be involved in the franchise in some other capacity.

The deal is apparently tentative, as 29 other NBA owners need to offer their approval as well, but that shouldn't be a problem as long as Ballmer keeps the Clippers in Los Angeles instead of taking them to Seattle. Ballmer has promised to keep the team where it is.


TOPICS: Business/Economy; Conspiracy; Sports
KEYWORDS:

1 posted on 05/30/2014 9:01:01 AM PDT by Ernest_at_the_Beach
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To: Ernest_at_the_Beach

“more if you boil him down for chemicals.”


HAHAHAHAHA!!


2 posted on 05/30/2014 9:03:38 AM PDT by RIghtwardHo
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To: Ernest_at_the_Beach
What did he buy the team for? Under 50 million?

Anyway will be a big Capital Gains hit.

3 posted on 05/30/2014 9:04:28 AM PDT by AU72
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To: Ernest_at_the_Beach

More than twice what anyone thought the property was worth.

This is a transparent $billion BRIBE to make this all go away and keep people from looking too closely at the other scum bag owners.


4 posted on 05/30/2014 9:04:54 AM PDT by DManA
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To: Ernest_at_the_Beach

Wait when he become mentally ill?


5 posted on 05/30/2014 9:05:21 AM PDT by autumnraine
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To: AU72

I think he vought then ib 1986 for 12 million, heard that this morning on tv.


6 posted on 05/30/2014 9:07:29 AM PDT by Ernest_at_the_Beach
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To: autumnraine
Wait when he become mentally ill?

When he became a pariah. It's the new legal standard.

7 posted on 05/30/2014 9:09:42 AM PDT by Jeff Chandler (Conservatism is the political disposition of grown-ups.)
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To: autumnraine

No idea ,...news to me,...but there is a thread ....


8 posted on 05/30/2014 9:09:53 AM PDT by Ernest_at_the_Beach
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To: Ernest_at_the_Beach
Whoops,...typos in post #6.

*******************************

I think he bought then In 1986 for 12 million, heard that this morning on TV.

9 posted on 05/30/2014 9:13:25 AM PDT by Ernest_at_the_Beach
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To: Ernest_at_the_Beach
Consequences of Ballmer buying the Clippers:

  1. The return of "Clippy" as the team's new mascot
  2. Every other season, the team will be completely lousy; on the alternating seasons that will range from acceptable to very good
  3. Uniforms, logos, rosters, play style, and team strategy will dramatically change every few seasons for no discernible reason whatsoever
  4. Team deficiencies will be blamed on the need to "upgrade" playing facilities to newer "hardware"
  5. Despite being declared "closed", practice session information will be readily available to anyone who does any digging.
Anyone else want to chime in?
10 posted on 05/30/2014 9:19:34 AM PDT by kevkrom (I'm not an unreasonable man... well, actually, I am. But hear me out anyway.)
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To: DManA

He’s getting $1.4 billion more than the estimated worth by Forbes. What kind of lesson is this for all the other racists?


11 posted on 05/30/2014 9:23:28 AM PDT by Moonman62 (The US has become a government with a country, rather than a country with a government.)
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To: autumnraine

Apparently after he made all the statements in private that started this.


12 posted on 05/30/2014 9:25:30 AM PDT by Ingtar (The NSA - "We're the only part of government who actually listens to the people.")
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To: Moonman62

What happened to HopeRah buying the team? I thought it had to be a non-cracker team owner?


13 posted on 05/30/2014 9:26:21 AM PDT by 9422WMR (: " Tolerance is the virtue of a man who has no convictions".)
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To: kevkrom
The keys to winning are:


14 posted on 05/30/2014 9:27:15 AM PDT by rollo tomasi (Working hard to pay for deadbeats and corrupt politicians.)
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To: kevkrom

new home court color is blue


15 posted on 05/30/2014 9:27:49 AM PDT by biff (WAS)
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To: Ernest_at_the_Beach

Shelley Sterling has done very well for herself, and so has Donald, who was born in poverty in a nasty neighborhood in East LA. I do not think Donald has lost a significant number of his marbles, but whatever.

He is smart enough to play dumb right now. “Cagey” is a quality that’s probably very common in billionaires.


16 posted on 05/30/2014 9:30:34 AM PDT by Veto! (OpInions freely dispensed as advice)
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To: Ernest_at_the_Beach

1981 at $12.5 million.....


17 posted on 05/30/2014 9:31:20 AM PDT by deport
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To: autumnraine
Wait when he become mentally ill?

I wouldn't think you could have a court declare someone mentally incompetent without extensive evidence documenting it. I wonder if Sterling's wife and kids have been working on declaring the old man batty for some time now, and the chance of him gumming up the works on their $2 billion payday just escalated the issue.

18 posted on 05/30/2014 9:33:01 AM PDT by DoodleDawg
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To: Ernest_at_the_Beach
2 Billion!!

That'll buy several whores a lotta bling!!

19 posted on 05/30/2014 9:36:33 AM PDT by TexasCajun
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To: autumnraine; SunkenCiv
Just posted this:

Shelly Sterling: Trust agrees to sell Clippers to Steve Ballmer (2 billion Dollars)

20 posted on 05/30/2014 9:37:08 AM PDT by Ernest_at_the_Beach
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To: Ernest_at_the_Beach

This is madness. Two years ago the team was valued at $560 million. The Clippers reportedly turned a profit of about $28 million this year. A $30 million profit for 30 years would only add up to $900 million, less than half of what Balmer is paying for the franchise. This is not a business decision; Balmer has just purchased a very expensive toy.


21 posted on 05/30/2014 10:02:56 AM PDT by Steve_Seattle
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To: kevkrom

LOL. Great summary, and spot on.


22 posted on 05/30/2014 10:10:25 AM PDT by willgolfforfood
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To: 9422WMR

there were a number of private bids made, ballmer’s was highest.


23 posted on 05/30/2014 10:13:54 AM PDT by Secret Agent Man (Gone Galt; Not averse to Going Bronson.)
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To: Steve_Seattle

But if lots of billionaires are interested in buying such an expensive toy, that becomes what the toy is worth.


24 posted on 05/30/2014 10:16:07 AM PDT by 9YearLurker
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To: kevkrom

If he moves the team to the cloud, who cares if they’re actually operating out of Seattle anyway?


25 posted on 05/30/2014 10:17:45 AM PDT by 9YearLurker
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To: Steve_Seattle

I’m not familiar with the situation in LA or the potential one in Seattle.

But the key to making big bucks in pro sports is to get the taxpayers to fund most/all of the facility and operating costs.

The NBA team here in Indianapolis not only gets a free deluxe arena but many millions in operating cost subsidies each year.

Also there is a huge tax loophole for pro sports called the “roster depreciation allowance”
http://basketball.about.com/od/nba-cba-glossary/g/roster-depreciation-allowance.htm


26 posted on 05/30/2014 10:24:38 AM PDT by nascarnation (Toxic Baraq Syndrome: hopefully infecting a Dem candidate near you)
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To: autumnraine
"Wait when he become mentally ill?"

If you think the wrong thoughts, the State can declare you mentally ill, and you lose all civil rights. This is Orwellian.

27 posted on 05/30/2014 10:25:13 AM PDT by UnwashedPeasant
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To: UnwashedPeasant

“Racism” is bad-think, Comrade.


28 posted on 05/30/2014 10:30:07 AM PDT by TexasRepublic (Socialism is the gospel of envy and the religion of thieves)
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To: Steve_Seattle

Balmer has just purchased a very expensive toy.

**************

Most likely and with his money he can afford to. When it’s all said and done the
financial and tax implications of this deal when taken as a part of his entire
investment scheme may not be a loss to him.


29 posted on 05/30/2014 10:33:58 AM PDT by deport
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To: Steve_Seattle

With 1/10 of his reported net worth. It’s all relative.


30 posted on 05/30/2014 10:36:14 AM PDT by discostu (Seriously, do we no longer do "phrasing"?!)
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To: rollo tomasi

Looks like LeBron James will be a Clipper next year.


31 posted on 05/30/2014 10:37:22 AM PDT by dfwgator
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To: dfwgator

Hell for 2 billion you can get an Island and a Horde of new slutty Girlfriends!


32 posted on 05/30/2014 10:43:55 AM PDT by DocJhn
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To: DocJhn

At his age?

I guess Betty White is available


33 posted on 05/30/2014 10:45:17 AM PDT by GeronL (Vote for Conservatives not for Republicans)
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To: dfwgator


"Mmmmm, Mr. MSDOS OG pimp, I got your binary and bug free coding all day and all night. Samsung gots me showing some love to them though, hey at least its not Apple. Get rid of the salary cap and I can get you these coders too


34 posted on 05/30/2014 10:54:02 AM PDT by rollo tomasi (Working hard to pay for deadbeats and corrupt politicians.)
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To: DocJhn; dfwgator

I might just now have a new financial goal for my life...


35 posted on 05/30/2014 12:11:00 PM PDT by kevkrom (I'm not an unreasonable man... well, actually, I am. But hear me out anyway.)
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To: Ernest_at_the_Beach
Los Angeles Clippers basketball team owner Donald Sterling is apparently too mentally ill to stop his wife from flogging the team to the shy and retiring former Microsoft boss Steve Ballmer.

Oh please, Sterling has lawyers who could stop or at least delay the sale in it's tracks. Sterling has 2 billion reasons to let the sale go through.

36 posted on 05/30/2014 5:54:20 PM PDT by Mike Darancette (Do The Math)
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To: DoodleDawg
I wonder if Sterling's wife and kids have been working on declaring the old man batty for some time now, and the chance of him gumming up the works on their $2 billion payday just escalated the issue.

Normally having one declared incompetent in court requires hearings and examinations by doctors. There may be language in the trust that would streamline this by out of court actions.

37 posted on 05/30/2014 6:00:59 PM PDT by Mike Darancette (Do The Math)
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To: Mike Darancette
Normally having one declared incompetent in court requires hearings and examinations by doctors. There may be language in the trust that would streamline this by out of court actions.

I know, which I assume would take more time than has passed since this whole thing blew up. That's why I wonder if Sterling's wife hadn't been working on this for some time now.

38 posted on 05/30/2014 6:17:45 PM PDT by DoodleDawg
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