They're back!
Posted on 05/29/2014 7:32:19 PM PDT by drewh
Former Microsoft CEO Steve Ballmer is reportedly set to buy the Los Angeles Clippers for $2 billion.
The news came after weeks of speculation on the fate of the team since Donald Sterling was banned for life from the NBA by commissioner Adam Silver on April 29.
The sale would be the highest ever paid for a NBA team. The previous record was set last month with the sale of the Milwaukee Bucks for $550 million.
Sterling bought the Clippers in 1981 for $13.5 million.
STORY: Donald Sterling's Wife Approached by Bidders for the Clippers
Ballmer 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, according to The Los Angeles Times.
It was previously reported that Shelly Sterling met with Ballmer on Sunday to discuss terms of a sale.
Sterling is one slick Jooo to unload the Clippers with this scheme he prolly cooked up.
The fix was in.
The NBA commissioner has as much hair as Steve Ballmer!
Whatever scheme that girl was up to looks like it didn’t work. Back to her day job, whatever that was, her ship did not come in.
After all the {expletive} they raised about his remarks they had to make a deal at whatever price he named. Racist? Ha! Well, maybe, or just opinionated. That doesn't matter (I know that phrase will drive lib lurkers nuts, but it doesn't). What matters is twofold. One, Sterling is one astute and shrewd SOB. Two, I wonder what kind of quiet, back-door deal the NBA made with Balmer to get him to pay up. Probably said if he wants to move the team, they'll back him. He's no-doubt now putting together a sweet deal with Seattle. Tax breaks, help with an arena, etc.
The cost of Windows will go up $20 per copy to pay for the team.
of the $2B ... over 20% goes to state and federal capital gains taxes ... which would have been avoided if he postponed the sale until after his death.
And then the remaining 1.6B is subject to the 40% estate taxes ... leaving less than $1B.
Unless much of the shares have been donated to a family charitable trust.
Being a rassist might be the most profitable thing Sterling has ever done
Wow what a payday. Racism pays!
I wonder if season tickets is part of the deal.
“Being a rassist might be the most profitable thing Sterling has ever done”
Me, I could be a race-ist too...I wanna cash in! Let’s start another ‘bidding’ war! Buzz me Miss Blue!
Two billion dollars for a basketball franchise? That’s stupid money.
Sterling is laughing all the way to the bank.
Team name is appropriate:
A clip[per] joint or fleshpot is an establishment (often claiming to offer adult entertainment and/or bottle service) in which customers are tricked into paying excessive amounts of money, for surprisingly low-grade goods or services.
So much for the crazy conspiracy theories from a few weeks ago that this was a setup for Magic Johnson to buy the Clips at a cut-rate price.
LA doesn’t need two basketball teams that play in the same arena...moving to Seattle makes sense....I wonder if they’ll be the Supersonics?
They're back!
Its interesting ‘cause tonite LA mayor was on tv praising Balmer. Magic johnson said LA could be proud.
It seems odd to pay so much over recent team sale prices.
Another odd bit from la media, a report that sterlings wife had sterling declared mentally incompetent giving her total say in the sale !
Wow, what does this do to the market for sports teams?
If an NBA team such as the Clippers, who are the “other” team in LA, are worth $2 billion, can you imagine what a prominent team such as the Dallas Cowboys or New York Yankees are worth?
What a mess.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.