Ballmer agrees to buy Los Angeles Clippers for $2b
Published : 2014-05-30 20:29
Updated : 2014-05-30 20:29
LOS ANGELES (AP) ― Former Microsoft CEO Steve Ballmer has agreed to buy the Los Angeles Clippers for a record-breaking $2 billion. Now it’s up to others whether the deal goes through.
Shelly Sterling said in a statement issued late Thursday that she’d signed a binding contract for a sale of the Clippers by The Sterling Family Trust to Ballmer in what would be a record deal if approved by the NBA.
Ballmer “will be a terrific owner,” Sterling said, “We have worked for 33 years to build the Clippers into a premier NBA franchise. I am confident that Steve will take the team to new levels of success.”
Sterling negotiated the sale after her husband, Donald Sterling, made racist remarks that were made public. The remarks included Sterling telling girlfriend V. Stiviano not to bring blacks to Clippers games, specifically mentioning Hall of Famer Magic Johnson.
Shelly Sterling’s statement noted that she made the deal “under her authority as the sole trustee of The Sterling Family Trust, which owns the Clippers.”
Donald Sterling’s attorneys contend that he is a co-owner and therefore must give his assent for the deal to go through. They also say he won’t be giving it.
“Sterling is not selling the team,” said his attorney, Bobby Samini. “That’s his position. He‘s not going to sell.”
Ballmer beat out bids by Guggenheim Partners and a group including former NBA All-Star Grant Hill after presenting an “all-around superior bid,” according to an individual with knowledge of the negotiations. The individual, who wasn’t authorized to speak publicly, said Ballmer made more than an hour-long personal visit to Shelly Sterling’s Malibu home Sunday and laid out his plan.
“He knocked their socks off, they bonded, had a good connection,” the individual said. The amount was also the largest of the offers, and Ballmer was one potential buyer to deal with rather than numerous members of a group.
Ballmer said in a statement that he is honored to have his name submitted to the NBA for approval and thanked the league for working collaboratively with him throughout the process.
“I love basketball. And I intend to do everything in my power to ensure that the Clippers continue to win -- and win big -- in Los Angeles,” Ballmer said. “L.A. is one of the world’s great cities -- a city that embraces inclusiveness, in exactly the same way that the NBA and I embrace inclusiveness.”