Sports

Steve Ballmer Officially Takes Ownership of LA Clippers

In this Jan. 25, 2014, photo, then-Microsoft CEO Steve Ballmer, left, shakes hands with former NBA players Bill Russell, right, and "Downtown" Freddie Brown as Omar Lee looks on during an NCAA college basketball game between Washington and Oregon State in Seattle. An individual with knowledge of negotiations to sell the Los Angeles Clippers said Shelly Sterling has reached an agreement to sell the team to Ballmer for $2 billion. The individual, who wasn’t authorized to speak publicly, told The Associated Press on Thursday, May 29, 2014, that Ballmer and the Sterling Family Trust now have a binding agreement. The deal now must be presented to the NBA. (AP Photo/Elaine Thompson, File)
In this Jan. 25, 2014, photo, then-Microsoft CEO Steve Ballmer, left, shakes hands with former NBA players Bill Russell, right, and “Downtown” Freddie Brown as Omar Lee looks on during an NCAA college basketball game between Washington and Oregon State in Seattle.  (AP Photo/Elaine Thompson, File)

Donald Sterling’s reign as the owner of the Los Angeles Clippers is officially over Tuesday after the NBA confirms the sale of the team to former Microsoft CEO Steve Ballmer.

According to ESPN, the deal, worth $2 billion, is officially complete after months of legal issues. NBA Commissioner Adam Silver banned Sterling in May after racially insensitive comments and was told to sell the team, but he then sued the league. Sterling lost said lawsuit weeks ago.

The NBA Board of Governors previously approved the sale of the Clippers to Ballmer, the former Microsoft CEO who bid $2 billion for the team in May. Sources tell ESPN’s Ramona Shelburne that league owners then voted to approve the sale of the team to him on July 15. Drafts of the Clippers sale bid book, given to bidders by Bank of America and obtained by ESPN.com, revealed that the $2 billion price paid would be 12.1 times the expected 2014 revenues of the team. The bid book noted that the highest previous sale was the record that Ballmer beat, the Milwaukee Bucks, which sold for $550 million this year and a then-record five times total revenue.

READ MORE

 

Tags
Show More

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *


By submitting this form, you are consenting to receive marketing emails from: Washington Informer Newspaper, 3117 Martin Luther King Jr. Ave SE, Washington, DC, 20032, http://www.washingtoninformer.com. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Back to top button

My News Matters to me - Washington Informer Donations

Be a Part of The Washington Informer Legacy

A donation of your choice empowers our journalists to continue the work to better inform, educate and empower you through technology and resources that you use.

Click Here Today to Support Black Press and be a part of the Legacy!

Subscribe today for free and be the first to have news and information delivered directly to your inbox.

Select list(s) to subscribe to


By submitting this form, you are consenting to receive marketing emails from: Washington Informer Newspaper, 3117 Martin Luther King Jr. Ave SE, Washington, DC, 20032, http://www.washingtoninformer.com. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact
Close

Adblock Detected

Please consider supporting us by disabling your ad blocker