Bids Are In To Buy Clippers; Sterling Still Refuses To Sell Franchise

| May 29, 2014 | 0 Comments

Shelly Sterling has already agreed to move forward and sell her stake in the Los Angeles Clippers franchise. However, Donald Sterling remains adamant about selling the franchise.

Donald Sterling is continuing to fight the NBA’s and team owner’s request to terminate his ownership and sell the team.

Meanwhile Shelly Sterling and her advisors received several bids on Wednesday. The bids are reportedly worth over $1 billion. Shelly Sterling and her advisors are attempting to find a buyer and reach an agreement and sell the team before the deadline which will coincide with Tuesday’s Board of Governor’s meeting.

If a deal is not reached before that deadline then both Sterlings would have to relinquish their ownership interests by default.

In order for them to lose ownership of the team, 75 percent of the league’s owners would have to vote in favor of the Sterlings having to sell the team.

Donald Sterling plans on suing the league for damages and he is being resistant in this process in order to increase the value for this franchise which would be more of an incentive to file suit against the NBA.

However, Shelly Sterling and her advisors are trying to expedite the process by finding a buyer well before Tuesday.

Donald Sterling’s attorney, Max Blecher, stated that his client has no intention in selling and does plan on fighting the NBA’s charges against him.

Exactly a month ago, league commissioner Adam Silver announced his imposition of Donald Sterling’s lifetime ban and $2.5 million fine from the NBA because of racial comments Sterling made.

Groups reportedly involved in the bidding include: music mogul David Geffen, Oracle CEO Larry Ellison, Oprah Winfrey, Steve Jobs’ widow Laurene Jobs, Steve Wynn ex-wife Elaine Wynn, and Jimmy Iovine, co-founder of Beats by Dre.

Also included in the bidding process is a group led by former NBA All-Star Grant Hill along with billionaire investors Tony Ressler and Bruce Karsh.

Additionally, former Microsoft CEO and billionaire Steve Ballmer is involved in the bidding process.

Photo Credit: Aceshowbiz.com

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