Former Microsoft Corp. Chief Executive Officer Steve Ballmer agreed to buy the Los Angeles Clippers for a record $2 billion as the wife of Donald Sterling pushed through the sale without gaining the approval of the embattled owner.
The National Basketball Association will make an announcement tomorrow about its investigation involving racist remarks attributed to Los Angeles Clippers owner Donald Sterling, the league said in a press release.
Donald Sterling, ending a fight over the Los Angeles Clippers that began in April with the disclosure of his racist comments, agreed to the $2 billion sale of the basketball team to former Microsoft Corp. Chief Executive Officer Steve Ballmer.
Donald Sterling agreed to let his wife, Shelly, oversee a sale of the Los Angeles Clippers, according to two people with direct knowledge of their decision, avoiding a legal battle with the National Basketball Association that might have diminished the value of the franchise.
Donald Sterling’s $2 billion payday from the sale of the Los Angeles Clippers is good and bad news for National Basketball Association owners, who won’t be permitted by players to ignore escalating franchise values in the next round of labor talks.
Bank of America Corp. has been retained to sell the Los Angeles Clippers, whose owners face a June 3 deadline to reach a sale agreement or risk the team being taken from them by the National Basketball Association, two people with direct knowledge of the situation said.
Grant Hill and Ares Capital Management Chairman Tony Ressler spent Monday afternoon at the Malibu, California, home of Shelly Sterling, who had something lots of rich folks wanted: the Los Angeles Clippers.