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Posted on 05/30/2014 9:01:01 AM PDT by Ernest_at_the_Beach
Los Angeles Clippers basketball team owner Donald Sterling is apparently too mentally ill to stop his wife from flogging the team to the shy and retiring former Microsoft boss Steve Ballmer.
Apparently Ballmer will write a cheque of $2 billion for the team which is a new record price for an NBA team. Ballmer has a bob or two in the bank after leaving Microsoft and has a net worth of $20 billion, more if you boil him down for chemicals.
Apparently Sterling did not want to sell the team, however The Sterling Family Trust owns it, with Donald and his wife Shelly each owning half. The trust spells out provisions and procedures related to the mental capacity of the trustees, and Donald Sterling did not meet the standard in a determination by experts, giving his wife sole decision-making power for the trust.
Sterling was believed to be a sandwich short of a cut lunch after he was caught insulting African-Americans in a secret audio recording. Under the deal Ballmer gets all of the team, though Shelly Sterling still could be involved in the franchise in some other capacity.
The deal is apparently tentative, as 29 other NBA owners need to offer their approval as well, but that shouldn't be a problem as long as Ballmer keeps the Clippers in Los Angeles instead of taking them to Seattle. Ballmer has promised to keep the team where it is.
This is madness. Two years ago the team was valued at $560 million. The Clippers reportedly turned a profit of about $28 million this year. A $30 million profit for 30 years would only add up to $900 million, less than half of what Balmer is paying for the franchise. This is not a business decision; Balmer has just purchased a very expensive toy.
LOL. Great summary, and spot on.
there were a number of private bids made, ballmer’s was highest.
But if lots of billionaires are interested in buying such an expensive toy, that becomes what the toy is worth.
If he moves the team to the cloud, who cares if they’re actually operating out of Seattle anyway?
I’m not familiar with the situation in LA or the potential one in Seattle.
But the key to making big bucks in pro sports is to get the taxpayers to fund most/all of the facility and operating costs.
The NBA team here in Indianapolis not only gets a free deluxe arena but many millions in operating cost subsidies each year.
Also there is a huge tax loophole for pro sports called the “roster depreciation allowance”
http://basketball.about.com/od/nba-cba-glossary/g/roster-depreciation-allowance.htm
If you think the wrong thoughts, the State can declare you mentally ill, and you lose all civil rights. This is Orwellian.
“Racism” is bad-think, Comrade.
Balmer has just purchased a very expensive toy.
**************
Most likely and with his money he can afford to. When it’s all said and done the
financial and tax implications of this deal when taken as a part of his entire
investment scheme may not be a loss to him.
With 1/10 of his reported net worth. It’s all relative.
Looks like LeBron James will be a Clipper next year.
Hell for 2 billion you can get an Island and a Horde of new slutty Girlfriends!
At his age?
I guess Betty White is available
I might just now have a new financial goal for my life...
Oh please, Sterling has lawyers who could stop or at least delay the sale in it's tracks. Sterling has 2 billion reasons to let the sale go through.
Normally having one declared incompetent in court requires hearings and examinations by doctors. There may be language in the trust that would streamline this by out of court actions.
I know, which I assume would take more time than has passed since this whole thing blew up. That's why I wonder if Sterling's wife hadn't been working on this for some time now.
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