D.Sterling's wife sells Clippers for $2 billion to former Microsoft CEO

[Jiggs50]

The new owner is a basketball fanatic. His net worth is 20 billion plus...

So I don't think it matters to him.

In 4-5 years the value of the team is going exceed 10 billion anyway so calm down people.

[Monteeun]

Actually,... the history of the Clippers is that they seemed to have been "jinxed" for a time.

After Sterling purchased the Clippers franchise, the team was frequently hit with a series of season-plaguing injuries to its' star-players. They were moved out of SanDiego & up-rooted a number of times after that...until they eventually became another new tennant of the Staples Centre. Sterling turned down a great offer to move the team to Anaheim, where he would have been paid him a 33$ million over 6 years...to share an up-graded facility with the ANA Ducks at the Pond...or to stay at a proposed 94 $ million Sports Arena across from where he was presently housed. He stuck to his guns & chose to go to the new Staples Centre instead. Sterling was at odds with league-politics in this, as he had been at other times in his tenure as an NBA owner.....clearly demonstrating the he was NOT willing to jump thru every hoop that they wanted. Yet, his financial instincts, have been correct.

Will the Clippers move..to full-fill the earlier wishes the NBA may have had for them? Maybe not..as Sterling proved LA will easily sustain 2 franchises. Either way, Sterling is now a very old man...has cancer...& appears to be plagued by border-line dementia. I see all of this piling-on as super hypocritical...especially of a league & their celebrity-fans who've been clamouring to snatch-away his precious toy. Simple do-gooders...with NO elements of greed or vindictiveness there at all,.. you say? Righhhhhht?

Oh i know there history of bad luck. I actually looked that up. That is why i said "not completely" true. As there are sources which i forgot to bookmark that had him as a cheap and hated from some of his dealings. Even from some staff.

I get what you're saying as there is something fishy about this. I can in some ways jump aboard that. The suspicion you raised was made obvious by the quick transaction. I get that. Racism against some Asians was quickly brushed aside and of course attack on Magic Johnson was the last straw. I do agree that this was nothing more than a feeding frenzy and a great opportunity.

Regarding what should be done with him...i have no idea. He is a terrible man for his beliefs, but is forcibly removing him as an owner really the right way? That's up for debate i guess. And I hope you don't mistaken my comments as a go ahead on torturing him.

[Grapefruits]

Oh, the irony...

Video from 2011 shows Donald Sterling's ex-mistress V. Stiviano on racist tirade: 'I don't understand black people'

Newly obtained video shows Donald Sterling's ex-mistress, V. Stiviano, on a racist rant making offensive comments about black people. The footage is from a 2011 reality TV show pilot. Stiviano made headlines last month when she secretly recorded the L.A. Clippers owner's own bigoted remarks.

http://www.nydailynews.com/news/national/v-stiviano-taped-making-racist-comments-2011-article-1.1812339

[Ghostsof1915]

Isn't she half black? Guilty conscience for being a gold digger?

[Raoul Duke]

I could be wrong, but I believe Sterling already allowed his wife to negotiate a sale including his part of the team too.

Jesus, I know I'm half cut but your username and that photo of Brock just killed me!!! Hahahahahaaa

[Offensive Threat]

Until this purchase the highest amount ever paid for a Basketball team was $550 million for the Milwaukee Bucks earlier this year. Balmer paid about 3 to 4 times the teams estimated value in a bidding war where reason seemed to take a back seat and the ultra wealthy tried to one up each other. They dont even own their own arena. The Staples Center is owned by AEG who own the LA Kings and partial owners of the LA Lakers. Due to not owning their stadium the option to move the team, say to Seattle where Balmer lives, is an open option.

He was part of the group that tried to keep the Sonics in Seattle when they were moved to Oklahoma. That attempt obviously fell through.

He was leading a group of investors trying to buy the Sacramento Kings and move them to Seattle for an estimated $650 million in 2012. Again, it fell through.

See the pattern here? Does he want to move the team to Seattle? It would be obvious except for the amount he paid. Thats a large market amount. LA is the largest basketball market there is. But maybe hes tired of trying and failing to get what he wants. Maybe he sees Paul Allen, his Microsoft buddy, with his Superbowl winning Seahawks and is a little jealous. Lots of maybes.

As stated by others Steve Balmer is worth north of 20 billion dollars so he can afford to overpay if he wants to. He can also afford to build a new basketball/hockey stadium in Seattle if he wants too. Balmer joined Microsoft in 1980 as their 30th employee and first business manager and was given 8% ownership of the company for joining, thats where his wealth comes from.

EDIT: Balmer retired as CEO of Microsoft earlier this year. That was the final hurdle to him giving his full attention to acquiring an NBA team it seems.

[Offensive Threat]

So Sterling dropped his lawsuit with the NBA and has agreed to sign off on the deal to sell the team to Steve Balmer. He has two billion good reasons for doing this instead of spending who knows how much on a long and possibly painful dispute that would still end with him being forced out.

Source: http://www.thestar.com/sports/basketball/2014/06/05/donald_sterling_drops_lawsuit_against_nba_agrees_to_sell_clippers.html

[Baka]

If #winning wasn't already a thing he would have just invented it.

Played the media like a fiddle and that witch hunt just doubled his income.

[TheRussianRocket.]

Donald Sterling has instructed his attorneys to call off the sale of the Clippers to Microsoft CEO Steve Ballmer.

Via SN:

LOS ANGELES Los Angeles Clippers owner Donald Sterling has pulled his support from a deal to sell the team to former Microsoft CEO Steve Ballmer and will pursue his $1 billion federal lawsuit against the NBA, his attorney said Monday.

"We have been instructed to prosecute the lawsuit," said attorney Maxwell Blecher. He said co-owner Donald Sterling would not be signing off on the deal to sell.

Donald Sterling issued a one-page statement dated Monday titled "The Team is not for Sale" and said that "from the onset, I did not want to sell the Los Angeles Clippers."

The $2 billion sale was negotiated by his wife Shelly Sterling after Donald Sterlings racist remarks to a girlfriend were publicized and the NBA moved to oust him as owner.

The lawsuit alleges the league violated his constitutional rights by relying on information from an "illegal" recording that publicized racist remarks he made to a girlfriend. It also said the league committed a breach of contract by fining Sterling $2.5 million and that it violated antitrust laws by trying to force a sale.

"I have decided that I must fight to protect my rights," Donald Sterling said. "While my position may not be popular, I believe that my rights to privacy and the preservation of my rights to due process should not be trampled. I love the team and have dedicated 33 years of my life to the organization. I intend to fight to keep the team."

Donald Sterling had agreed to ink the deal and drop the suit last week assuming "all their differences had been resolved," his attorneys said. But individuals close to the negotiations who werent authorized to speak publicly said he decided to not sign the papers after learning the NBA wont revoke its lifetime ban and fine.

"There was never a discussion involving the NBA in which we would modify Mr. Sterlings penalty in any way whatsoever. Any suggestion otherwise is complete fabrication," NBA spokesman Mike Bass said.

Shelly Sterling and her attorney Pierce ODonnell declined to comment through representatives.

Shelly Sterling utilized her authority as sole trustee of The Sterling Family Trust, which owns the Clippers, to take bids for the team and ultimately negotiate a deal with Ballmer. The deal would be record-breaking if approved by the NBAs owners.

An individual familiar with the negotiations who wasnt authorized to speak publicly said Monday that there were two options for Donald Sterling to either sign or go to court. But even if he wins in court, hes ultimately winning a judgment against himself because his wife Shelly Sterling has agreed to indemnify the NBA against all lawsuits, including by her husband, the individual said.

Donald Sterlings comments to V. Stiviano included telling her to not bring black people to Clippers games, specifically mentioning Hall of Famer Magic Johnson. They resulted in a storm of outrage from the public and players and even prompted President Barack Obama to comment on what he called Sterlings "incredibly offensive racist statements."

Donald Sterling said in his statement that he was "extremely sorry for the hurtful statements" he made privately but said them out of anger and jealousy and didnt intend for them to be public.

NBA Commissioner Adam Silver ultimately decided to ban Donald Sterling for life, fine him millions, and began efforts to force Sterling to sell the team. Those efforts ended with Shelly Sterlings deal with Ballmer.

If this deal ultimately goes through, its terms allow Shelly Sterling to remain close to the organization by allowing for up to 10 per cent of the team or $200 million to be spun off into a charitable foundation that she would essentially run.

Shelly Sterling and Ballmer would be co-chairs of the foundation, which would target underprivileged families, battered women, minorities and inner city youths.

Under the deal Shelly Sterling would also get the title of "owner emeritus" and be entitled to continuing perks such as floor seats, additional seats at games and parking.

One of the individuals said the deal also includes conditions that allow Ballmer to buy back the 10 per cent portion of the team for a pre-designated price upon Shelly Sterlings death.

[Offensive Threat]

If Balmer was questioning his own judgement in overpaying so much for the team maybe hes breathing a sigh of relief that he can get out of it now and get to work buying a more affordable team to move to Seattle.

Forbes currently values the Clippers at $575 million. Only the Lakers, Knicks and Bulls are estimated to be worth over 1 billion let alone the 2 billion Balmer agreed to pay. Sterling should have sold.

[Offensive Threat]

Sterlings wife claims he has no right to block the sale of the team as he has been diagnosed with Alzheimers and thus triggered a clause to transfer all control of the trust to Shelly Sterling. A 4 day court hearing on the claim of sole trustee by Shelly is set for July 7. Ahead of the NBA owners vote to allow the sale to Balmer to go ahead.

I dont see how Sterling can win anything here. Even if he manages to win in the trustee case he still will face the league holding a vote to terminate his ownership of the team. Even if he wins in his 1 billion dollar court case against the NBA Shelly Sterling has indemnified them against his lawsuit. So any money he does win will come directly out of their family trust. Money that is at least half his already.

Yes, he has spent the last 33 years with this team, its his life, his everything but there comes a time when you have to admit its over. He just cant seem to do that. Maybe the Alzheimers is playing a role in his decision making.

Source: http://www.reuters.com/article/2014/06/11/nba-clippers-idUSL2N0OS1OV20140611

End result as always: A lot of lawyers get rich.

[Rick Grimes]

[Ghostsof1915]

Lawyers get rich.

What else is new?

[TheRussianRocket.]

http://www.sportsnet.ca/basketball/nba/judge-rules-against-sterling-approves-sale/

Judge rules against Sterling, approves sale

LOS ANGELES — A judge ruled against Los Angeles Clippers owner Donald Sterling on Monday in his attempt to block the $2 billion sale of the Los Angeles Clippers to former Microsoft CEO Steve Ballmer.

In the tentative ruling, Superior Court Judge Michael Levanas sided with Sterling’s estranged wife Shelly Sterling, who burst into tears when the ruling was announced.

“I can’t believe it’s over. I feel good,” she said.

Shelly Sterling negotiated the sale of the team after the 80-year-old billionaire was banned by the NBA for making offensive remarks about blacks.

She sought approval from a probate judge for the deal she struck after removing her husband from the trust that owned the team when doctors found he had signs of Alzheimer’s disease and couldn’t manage his affairs.

Donald Sterling claimed his wife deceived him about the medical exams.

He later revoked the trust after she negotiated the record-setting sales price and his lawyers argued that the move killed the deal. They said the case didn’t belong in probate court because the trust had been dissolved.

The ruling in Los Angeles County Superior Court is unlikely to put an end to the bizarre saga that began in April when a recording surfaced of Sterling scolding his young girlfriend for bringing black men to Clippers games. The NBA moved quickly to ban Sterling for life and fined him $2.5 million.

Sterling was apologetic after the audio recording went viral, but his mea culpa backfired when he criticized Lakers great Magic Johnson, who had been photographed with Sterling’s girlfriend, as a bad role model for kids because he had HIV. Sterling was roundly criticized from locker rooms to the Oval Office, where President Barack Obama called Sterling’s remarks “incredibly offensive racist statements.”

With the NBA threatening to seize the team and auction it, Sterling initially gave his wife of 58 years permission to negotiate a sale but then refused to sign it. He said he would sue the league instead and then revoked the trust.

The nonjury trial held over several weeks focused mainly on whether Shelly Sterling properly removed her husband as a trustee and whether her actions carried any weight after he revoked the trust.

Donald Sterling’s lawyers contended that his wife and her lawyers conspired to trick him and that the mental exams by two doctors were faulty. They said Sterling didn’t know his competency as a trustee was being evaluated and that he showed no signs of incompetence on the witness stand.

In combative testimony, Sterling said he would “never, ever sell” the team he bought in 1981 for about $12 million. He vowed to fight the NBA in court until the day he dies.

Before taking the stand, he kissed his wife and then testified that he loved her. But the following day when she approached him in court he yelled, “get away from me, you pig!”

Sterling, a lawyer who made a fortune as a landlord, has filed an antitrust lawsuit in federal court against the NBA and he sued his wife, NBA Commissioner Adam Silver and the league in state court.

Lawyers for Shelly Sterling and Ballmer had urged the judge to let the sale go through because it was in the best interest of the family trust. They said an auction was less likely to bring such a high price and that coach Doc Rivers, key players and sponsors were likely to walk if Donald Sterling’s ownership was prolonged.

“The trust has a golden bird in the hand,” Shelly Sterling’s lawyers wrote in court papers. “A sale of the Clippers for $2 billion is indisputably a bonanza for the Sterling family. Donald’s strident opposition is motivated by only selfish considerations.”

Donald Sterling said he could get more for the team by also selling TV rights and through his $9 billion suit against the league.

..well that was bizarre. Glad that maniac isn't the one in charge of that team anymore.

[Mr. Ambien]

Damn, I was hoping Sterling would retain control of the Clippers just for the entertainment factor.

[Ghostsof1915]

Insane. No wonder I'm not wealthy.

Before taking the stand, he kissed his wife and then testified that he loved her. But the following day when she approached him in court he yelled, “get away from me, you pig!”

[avelanch]

so how long before they move to seattle?

[WeddingCrashers]

That is quite the profit turned on the franchise and for being forced to sell! He's not going to be keeping this franchise may as well sell it for what will be the best offer you'll get!

[TheRussianRocket.]

http://www.sportsnet.ca/basketball/nba/energetic-ballmer-debuts-as-clippers-owner/

Energetic Ballmer debuts as Clippers owner

New Los Angeles Clippers owner Steve Ballmer. Jae C. Hong/AP

LOS ANGELES Sweating, clapping and shouting until he was nearly hoarse, Steve Ballmer introduced himself to Los Angeles Clippers fans at a rally on Monday celebrating his new ownership of the NBA team.

@World_Wide_Wob: [GIF] Steve Ballmer was officially introduced today, and it was the most Steve Ballmer intro ever https://vine.co/v/M3IWTjgBBDw

The former Microsoft CEO made his way through the crowd inside Staples Center to Eminems "Lose Yourself," exchanging high-fives and chest-bumping as he took the stage in front of 4,500 fans

@janewells: Steve Ballmer has #Clippers fan chant "Larry" for O'Brien Trophy: http://youtu.be/fJwn9mclXqY

LOS ANGELES Sweating, clapping and shouting until he was nearly hoarse, Steve Ballmer introduced himself to Los Angeles Clippers fans at a rally on Monday celebrating his new ownership of the NBA team.

The former Microsoft CEO made his way through the crowd inside Staples Center to Eminems "Lose Yourself," exchanging high-fives and chest-bumping as he took the stage in front of 4,500 fans.

Ballmer paid a record $2 billion for the team in a sale that was confirmed by a judge last week. The name of disgraced former owner Donald Sterling, who controlled the team for 33 years before being banned for life by the NBA for racist remarks, was never uttered during the rally.

"Were looking forward," Ballmer proclaimed, having removed his blue Clippers hat. "Everything is about looking forward."

Ballmers fervour was in stark contrast to Sterling, who never spoke to the media and was famously frugal when it came to spending on the team during decades of losing despite having amassed a fortune through real estate.

"Today is about this other guy who just happened to have two billion dollars in his pocket," coach Doc Rivers joked on stage. "I asked him are you sure it went through and he said, I know my bank account is minus two billion so I know something went through."

Ballmer gave out his email address during the televised rally and was quick to assure fans he wont move the team to Seattle, where hes lived for 34 years. He was nearly an NBA owner last year before league owners chose to keep the Kings in Sacramento, rather than allow them to be sold to a group that included Ballmer and moved to Seattle.

"I love Los Angeles," he said. "Yes, I live in Seattle. Were not moving the Clippers to Seattle for a hundred reasons."

Ballmer used a microphone, but his booming voice easily filled the arena without it. He prowled the stage and gestured to make his points in the enthusiastic style he was known for among Microsoft employees.

"Were going to be bold. Bold means taking chances," he said. "Were going to be optimistic. Were going to be hard-core. Nothing gets in our way, boom! The hard-core Clippers, thats us."

Chris Paul, Blake Griffin and DeAndre Jordan were among eight players on hand, along with Rivers, who guided the Clippers to 57 wins last season, his first with the team.

"When he came through the crowd, I literally had goose bumps," Griffin said afterward. "I dont know if theres one good word to describe him. I know all our guys are excited about the energy he brings. Its completely different."

Ballmer took a few emailed questions from season ticketholders, including a 26-year fan who asked how the next 26 years of the franchise would be different.

"Ill boldly say the Clippers will win many, many more Larrys in the next 26 years than they did in the last 26," he said, referring to the Larry OBrien trophy that goes to the NBA champion.

Rivers clearly got a kick out of Ballmers passionate display, cracking up at his new boss proclamations after having previously seen him only on YouTube.

"I love energy," Rivers said later. "You get caught up in that and thats good. That was great for our fans."

Interim CEO Dick Parsons testified during the court battle over the teams sale that Rivers would quit if Sterling was the owner going into next season.

"Sometimes you do have to take a stand," Rivers said. "I didnt think I was going to have to (quit), but a lot of us were willing to for sure."

He added, "You always have to move on. I have."

Ballmer gave the title "owner emeritus" to Sterlings estranged wife, Shelly, who negotiated the deal. She will receive two floor seats, 10 other seats and parking at Staples Center for games.

"Without her this deal does not get done," Rivers said afterward. "She wants to be a fan. Shes no longer the owner. Im fine with that."

Ballmer shared dinner with Rivers and some of the players a night earlier, when the discussion focused on where hell sit during games. Sterling sat at mid-court within earshot of the players.

When someone suggested behind the Clippers bench, like Dallas owner Mark Cuban does, Rivers said, "I dont know if I could deal with that energy."

[Apple Juice]

Looks like the Clippers are staying in Los Angeles based on that rally.

And for $2 billion, its an overpayment but the Clippers are going to be a very good team for at least another decade with Chris Paul and Blake Griffin leading the team