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Thread: Former Microsoft CEO purchases Clippers

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    Default Former Microsoft CEO purchases Clippers

    http://www.latimes.com/sports/la-sp-...529-story.html

    Former Microsoft chief executive Steve Ballmer won a frenetic bidding war for ownership of the Los Angeles Clippers, with his $2-billion offer setting a record price for an NBA team, The Times has learned.

    Ballmer, who was chief executive of Microsoft for 14 years, was chosen over competitors that included Los Angeles-based investors Tony Ressler and Steve Karsh and a group that included David Geffen and executives from the Guggenheim Group, the Chicago-based owner of the Los Angeles Dodgers.

    A person with knowledge of the negotiations said the Geffen group bid $1.6 billion and Ressler at $1.2 billion.

    The sale price is almost four times the highest previous NBA franchise sale price -- the $550 million paid earlier this month for the Milwaukee Bucks. It is second only to the Dodgers 2012 sale for $2.1 billion as the highest price for any sports team in North America.

    The prospective sale by Clippers co-owner Shelly Sterling comes five days ahead of an NBA hearing to oust her family from ownership following a controversy in which Donald Sterling insulted African-Americans in a secret audio recording.

    The tentative deal still must receive the blessing of her husband, Donald Sterling, who has waxed and waned on the question of whether he would allow his wife to sell the team he has controlled for more than three decades.

    The deal also needs the eventual approval of 29 other NBA owners, but is expected to clear that hurdle as long as Ballmer reaffirms his pledge to keep the team in Los Angeles and not move it to Seattle, where he lives.

    Ballmer, 58, left the software giant in February and has an estimated net worth of $20 billion. Unlike other bidders, he did not immediately seek out partners for the purchase of the Clippers.

    Ballmer last year joined a group, led by hedge fund manager Chris Hansen, to bid on the Sacramento Kings, intending to move the team to Seattle. NBA owners voted to reject the proposed move.

    The businessman said in a recent interview that he had no intention of moving the Clippers. He said that the high valuations for the team only made sense in Los Angeles -- the second biggest media market in the country.
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    Default Re: Former Microsoft CEO purchases Clippers

    that's what you do when you have just dirty gobs of money, you get bored because you've already bought everything so you happily pay 2 billion for the 2nd team in LA

    yikes, talk about overpay

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    Default Re: Former Microsoft CEO purchases Clippers

    Crazy huh? Damn thats a lot of money.
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    Default Re: Former Microsoft CEO purchases Clippers

    Quote Originally Posted by Axeman33 View Post
    Crazy huh? Damn thats a lot of money.
    well he's purported to have another 18B or so so i guess it's all relative huh?

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    Default Re: Former Microsoft CEO purchases Clippers

    ...and a racist jerk gets $2 billion for being a racist jerk.
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    Default Re: Former Microsoft CEO purchases Clippers

    New logo design:


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    Default Re: Former Microsoft CEO purchases Clippers

    Looks like its finally official.

    https://twitter.com/simmonssteve/sta...37035916668928

    Bye bye Donald Sterling. Clippers have officially been sold, according to NBA
    https://twitter.com/ESPNNBA/status/499236151182786560

    NBA announces Clippers' sale has officially closed, Steve Ballmer takes over control of team
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    Default Re: Former Microsoft CEO purchases Clippers

    Thank goodness. Even before his recordings came to light, he was always viewed as the most ruthless, arrogant, obnoxious owner in the NBA. Thank goodness for common sense prevailing. Now let's hope the other professional leagues have something in their constitutions that could make something happen in similar circumstances.
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    Default Re: Former Microsoft CEO purchases Clippers

    The deal is done but this is far from over. NBA filed a counterclaim against Sterling today. things are gonna get messy I think.

  10. #10
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    Default Re: Former Microsoft CEO purchases Clippers

    Wasn't it ruled that his wife had the legal right to sell the team?

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