Former Microsoft CEO Steve Ballmer has submitted the winning bid to purchase the Los Angeles Clippers team.
Shelly Sterling announced last night that she has reached an agreement with Ballmer late Thursday night to sell the team for $2 billion.
Reportedly, both Sterling and Ballmer signed the finalized papers shortly before midnight at her Los Angeles-based attorneys office. Sterling is the sole trustee of Sterling family trust, which owns the Clippers, thus having the final say so in selling the team.
Sterling expressed her excitement in the deal by stating, “I am delighted that we are selling the team to Steve, who will be a terrific owner.”
Ballmer stated that he is “honored” to be the Clippers’ new owner. He submitted a bid in the past to buy the Sacramento Kings and move the team to his hometown of Seattle. However, that attempt failed as the Kings remain in Sacramento.
Shelly Sterling recently became the sole trustee of the Sterling family trust after Donald Sterling, who is 80, was found to be mentally unstable. This allowed Shelly Sterling to directly negotiate with Steve Ballmer.
Donald Sterling’s lawyer Max Blecher has not yet commented on the recent sale of team. However, Sterling’s other attorney, Bobby Samini defended his client by stating to the Los Angeles Times, “There’s been no sale. There can be no sale without Donald’s signature.”
Prior to the sale of the team, Donald Sterling threatened legal action against Shelly Sterling if she proceeded with negotiations. However, that threat did not cease Shelly’s intentions of putting the team up for sale.
Under the agreement between Shelly Sterling and Steve Ballmer, Ballmer will own 100 percent of the team while Shelly Sterling continues to have an association with the franchise by her request.
Ballmer’s $2 billion bid topped bids from groups led by David Geffen ($1.6 billion) and L.A. investors Tony Kessler and Bruce Karsh ($1.2 billion).
Ballmer’s $2 billion bid is also historically the highest ever for an NBA team and ranks amongst the highest among North American sports franchises.
Photo Credit: Giantbomb.com, Thedrum.com
Follow us on Twitter @hiphopenquirer
