NBA informed of Clippers' proposed sale

Set Text Size SmallSet Text Size MediumSet Text Size LargeSet Text Size X-Large
Share
Updated: 5/30 1:42 pm

New York, NY (SportsNetwork.com) - The NBA said Friday it has been informed of a proposed sale of the Los Angeles Clippers, a reported $2 billion deal that would transfer ownership of the franchise from the Sterling family to former Microsoft chief executive Steve Ballmer.

According to the Los Angeles Times, the Sterling family trust -- under the watch of Shelly Sterling -- has agreed to sell the franchise to Ballmer for what would be an NBA record sum.

The NBA released a statement Friday, saying it still needs to receive the necessary documentation for the sale, which would end the ongoing saga of the Clippers' ownership in the wake of the lifetime ban of Donald Sterling for his racially charged comments that were taped by a female acquaintance and sent to media outlets.

"Commissioner Silver has consistently said the preferred outcome to the Clippers proceeding would be a voluntary sale of the team," the NBA statement read Friday. "Shelly Sterling advised the NBA last night that an agreement had been reached with Steve Ballmer, and the NBA Advisory/Finance Committee met via conference call this morning to discuss these developments. We await the submission of necessary documentation from Mrs. Sterling. In the meantime, the June 3 special meeting of the NBA Board of Governors remains as scheduled."

The NBA Board of Governors is scheduled to meet next Tuesday to determine Donald Sterling's fate if a sale is not completed.

On May 19, the NBA initiated a formal charge to seek the end of Sterling's ownership of the team he bought in 1981. The charge requires a three-fourths approval of the NBA Board of Governors.

Donald Sterling, though, has the right under the NBA constitution to make a presentation at the meeting.

After the reports of the proposed sale circulated late Thursday night, other reports surfaced that Donald Sterling would not give his approval of a sale. However, there is belief that Donald Sterling's approval is not necessary, although a legal battle could ensue.

Ballmer's reported offer nearly quadrupled the $550 million price the Milwaukee Bucks sold for earlier this month. Ballmer was part of a group that unsuccessfully tried to buy the Sacramento Kings and move them to Seattle last year.

If the deal goes through, Los Angeles will be the home of two franchises that were sold for at least $2 billion, as the Dodgers were purchased for $2.1 billion in 2012.

Share
Featured Partners
www.eastridgeretirementcenter.com
The newly modeled East Ridge Residence is a must see with its spacious comfortable apartments. Plus, 3 delicious meals daily, geriatric physician, home healthcare services and fun festive activities. Schedule your visit today!
www.ameripriseadvisors.com/james.m.scotchie
Together we can make a confident retirement possible. Simply click to get started with your private wealth advisor. Talk to Jimmy Scotchie, Certified Financial Planner.
www.comcast.com/cable-internet-packages.html
Get started at $79.99 a month for 12 months. Plus, get a $75 VISA® Prepaid card.
 
Supermarket Guru
From The Archives
Scenic City Roots
Through Irish Eyes
Brand News
Prime Mashup
What's Trending
Megan Wise Goes Outside
Stay Connected with WDEF News 12
 
Inergize Digital This site is hosted and managed by Inergize Digital.