Posted on 04/30/2014 1:20:13 PM PDT by SeekAndFind
Donald Sterling is set to make up to $780 million if he's forced to sell the LA Clippers by the NBA's Board of Governors.
All NBA team owners issued statements yesterday saying they want him out of the league, but could face a still legal battle since Sterling made clear he has no intention of selling.
NBA Commissioner Adam Silver banned Sterling from the league for life Tuesday, and hit him with a $2.5million fine, after the billionaire was heard making racist statements in recently released audio recordings.
Silver also called on the Board of Governors to push the 80-year-old to sell the Clippers, but that 'punishment' may end up being the best financial move Sterling's ever made.
(Excerpt) Read more at dailymail.co.uk ...
BTW, for those who have forgotten the recorder of the conversation... Sterling’s girlfriend V. Stiviano, who is at the heart of the controversy...
The recordings were released amid a lawsuit which accuses her of embezzling millions from the Sterling family.
Hell Hath no fury like a woman scorned.
The guy’s entitled to his opinions, especially in private conversations. This is nuts.
I would put it up for 3 trillion and see who bites.
Joking aside, I’d get the hell out of there, take the money and run.
The value of the franchise is only as good as people willing to support and sponsor the team and right now, he has lost the confidence of everyone. If he refuses to sell, the value of the team will drop further.
Get out while the going is good. 30 years is a good run.
His wife holds half interest. Are there any children who he can pass it to ( before his death). Or place it in a family trust
It’s un-American to MAKE him sell The Clippers, he may be a bigot, but that’s his right to be a cranky bigot, as well it is his RIGHT to own private property without being forced to give that up without trial by jury!
-JS
forcing him to sell will jam his capital gains tax so it is no gain. forcing him to sell essentially becomes a loss.
Reminds of the situation where Bobby Knight asked a ref, “Can you give me a technical for what I think?” When the ref responded “No”, then Coach Knight said, “Well I think you suck”.....
Since it was a private conversation, I think Sterling will be in position to own the NBA if he wants, arguing interference in his business affairs. If Sterling had actively promoted racism in public. the NBA would have a case for lost business, but since they don’t they are going to learn the hard way that you should use lube when you screw yourself.
as agreed by sterling, commissioner silver is his judge and jury
he paid 12.7mm, and will sell for almost 800mm....don’t think the IRS will not see him recognizing a gain of $787.3 million...
RE: forcing him to sell will jam his capital gains tax so it is no gain. forcing him to sell essentially becomes a loss.
He bought the Clippers for just $12 Million in 1981.
If he sells the team for $750 Million, his capital gains would be $738 Million. even if the government took half of that, he’d still be over $360 million cash positive.
it is public knowledge sterling is a bigot. he was fined $2.73 million by the DOJ for discriminating against black and hispanics in 2009.
If it is public knowledge Sterling is a bigot, shouldn’t the NBA have done something earlier? I’m just saying, from a contractual/legal base, I think Sterling mops the floor with the NBA.
make your profit and laugh all the way to the bank.
I would bring up Spike Lee’s many PUBLIC comments on whites and the fact that he sits court-side at every Knicks game and politely raise my middle finger and tell the NBA to sit and spin.
Yes. But....(the buts always suck.). But, he agreed to operate based on the rules of the organization. The organization has legally decided they no longer want him as a member. Certainly they cannot force him to sell. But they can kick him out of the league and his franchise would not be worth $10.
So, in short, you are correct. In reality, it doesn’t matter.
Sounds like an extortion racket if you ask me.
Why isn’t anybody asking her questions? She leaked the tapes no doubt about it.
Not counting the revenue he has accrued over the last 30 years.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.