darren rovell @darrenrovell 4m
Report from @latimes: Former Microsoft CEO Steve Ballmer to buy the Clippers for $2 Billion
Report from @latimes: Former Microsoft CEO Steve Ballmer to buy the Clippers for $2 Billion
Steve Ballmer rebrands Clippers
- Thread starter soxhop411
- Start date
Edit: Wow, I assumed this was $1.2 billion...but I was wrong.
NBA owners all come out massively enriched as the value of their teams skyrocket. You'd almost think there was a conspiracy to frame Sterling and force him out...but that could never happen. Right?
NBA owners all come out massively enriched as the value of their teams skyrocket. You'd almost think there was a conspiracy to frame Sterling and force him out...but that could never happen. Right?
Ballmer has the cash and the time. Good for him. I think his net worth is around 20 billion, so while that's an incredible price, it's certainly not even remotely close to out of his price range.
darren rovell @darrenrovell 48s
Ballmer's $2B bid beats the Geffen/Ellison group by $400M, the Ressler/Karsh group by $800M.
Ballmer's $2B bid beats the Geffen/Ellison group by $400M, the Ressler/Karsh group by $800M.
Ballmer has said many times over the past month that if he won the bidding he would not relocate them to SEA...Greg29fan said:
Few other things
You do not spend 2 billion on an LA team and then move them to a smaller market.
NBA needs to approve any team relocation. See the Kings the past year, where they were the prime team to relocate and the NBA shot down each attempt. NBA needs legit reasons why the team should be moved, and I cannot think of any in regards to the Clippers
soxhop411 said:
I agree that it seems unlikely that Ballmer will move the Clippers BUT:
Al Davis moved the Raiders from Los Angeles (where they were the only team in the market) to Oakland (where they are the second team in a smaller market), plus Clay Bennett moved the Sonics from Seattle (12th largest metro in the US by GDP) to Oklahoma City (46th largest).
The league will approve relocations when it suits their needs, such as appeasing David Stern's buddies or extorting local tax bases for arena money.
Balmer is a great guy so more power to him. Not sure what his total net worth is, but I know he has about 14 billion in MS stock. Assuming he didn't get a bunch more to leave
Good for him, hope he gets a long time to play with his new toy
Good for him, hope he gets a long time to play with his new toy
So Ballmer made around $110m today with MSFT stock up a modest 0.82%? Hard to even comprehend with my portfolio up like 5 hundo today. I shall now slit my wrist.BigMike said:
Or, it's good to be pilot of a plane that's going to fly a long, long way on autopilot no matter what you do.BigSoxFan said:
soxhop411 said:
Yes, but the paint wasn't dry from the last round of taxpayer-funded renovations to Key Arena.
Ramona Shelburne @ramonashelburne 17s
There is now a signed, binding agreement between Ballmer and the Sterling family trust to sell the Clippers for $2billion, ESPN has learned
There is now a signed, binding agreement between Ballmer and the Sterling family trust to sell the Clippers for $2billion, ESPN has learned
soxhop411 said:
Now I can't remember - is this a sale by Sterling's wife that the NBA isn't recognizing as it'll keep her as an owner? Or is this a full sale to remove both of them and she finally agreed to leave?
I'm just relieved we're not going to see Oprah as an NBA owner with controlling interest of a franchise (yet).
She is selling the team completely.Gdiguy said:
She wanted to own the team in place of Sterling, and they refused her.
Gdiguy said:
She's done, but It wouldn't matter if she was still a part-owner provided Ballmer is a) the controlling owner, and b) approved by the NBA BOG as the decision maker.
Sterling's wife was a part-owner all this time but the NBA didn't give a shit because she wasn't the designated executive voter on league-related affairs.
It's tough to imagine there's any real thought to moving the team to Seattle here. If Ballmer wanted that, he'd have bought the Bucks.
He would need the BOG to allow him to move, he cannot do it on his own
Michael McCann @McCannSportsLaw 3m
Steve Ballmer cannot move Clippers to Seattle without approval from Board of Governors. Article VII of NBA Constitution makes that clear.
Michael McCann @McCannSportsLaw 3m
Steve Ballmer cannot move Clippers to Seattle without approval from Board of Governors. Article VII of NBA Constitution makes that clear.
bowiac said:
Once again, people from Seattle tried to buy the Bucks, but Herb Kohl insisted that the team wouldn't be moved as a term; hence he accepted a lower offer.
The Sterlings should thank their lucky stars this fiasco created enough hype to enable them to possibly sell the team for a 160-fold profit (yes, yes, exaggeration due to inflation ignorance). $2 billion is crazy for a team that's only #2 in its sport in its market. Nice cap gain though . . .
Here's where I'm confused. Sterling was not involved in any of these negotiations and would have to AGREE to sell the team which his attorney has repeated adamantly that he would not agree to do.Dan to Theo to Ben said:
Wouldn't it seem that the BOG would still need to vote and complete the process of eliminating Sterling so he wouldn't have to sign off on the sale? Did I miss Sterling's attorney say that he would agree to sell the team?
Right......but we are still talking about the legal process dragging this out for months with no guarantees (although it appears extremely likely the league will win).soxhop411 said:
Donald didn't sign this. It states that the agreement is with the family trust which Shelly oversees because Donald could not be involved in the negotiations for a sale. Ultimately Donald would need to agree to sell his 50% from what I understand.......and his attorney has said he wouldn't.soxhop411 said:
Well this answers my question LOL! Sterling declared mentally incapacitated by doctors per the terms of the family trust. That Shelly is a sneaky little fox, isn't she?
http://probasketballtalk.nbcsports.com/2014/05/29/report-donald-sterling-declared-mentally-incompetent-clears-way-for-sale-of-team-to-ballmer/
http://probasketballtalk.nbcsports.com/2014/05/29/report-donald-sterling-declared-mentally-incompetent-clears-way-for-sale-of-team-to-ballmer/
Kliq said:
Yep, and remember how Stern manipulated the sales price of the Nets to use as an example of the declining value of franchises? Prokhorov bought that team for $223 million dollars because they were "in debt." He then built an arena on land owned by the former owner, who promptly made back the difference.
The owners destroyed the players in the last round of negotiations leading to a huge jump in revenue and operating profits for these teams. Wait under the current ESPN/TNT $930m annual contract expires in two years......that new baby will exceed $2B annually plus what Asia/Europe are doing and these owners will see an even greater increase in their franchise values.Kliq said:
HomeRunBaker said:
Ah America, a country where an 80-year old can espouse unpopular opinions in the privacy of his own home (that would have not been considered outside of societal norms when he was in his thirties), be declared more hated by society than mass murderers and terrorists because of these private comments, subsequently be declared mentally incapacitated by a doctor working with his estranged wife (without a court hearing), and as a consequence be stripped of a $2 billion asset. And everyone stands and applauds.
I know, the poor guy is having one billion forced down his throat (I assume his estranged wife gets the other half) like a goose being force fed to make pate. My heart bleeds for him.
In this country we have freedom of contract. He agreed to the governance scheme of the NBA which has made the owners rich and will soon make him even richer than he was. He agreed to the terms of the family trust. Why should a court get involved? Are judges experts on the issue of mental competency? Does every dispute have to get adjudicated at the taxpayers' expense?
As for his "unpopular opinions" there are places where people are shot, or stoned, or jailed for unpopular opinions instead of being forced to take a $985,000,000 profit on their initial $15M investment.
In this country we have freedom of contract. He agreed to the governance scheme of the NBA which has made the owners rich and will soon make him even richer than he was. He agreed to the terms of the family trust. Why should a court get involved? Are judges experts on the issue of mental competency? Does every dispute have to get adjudicated at the taxpayers' expense?
As for his "unpopular opinions" there are places where people are shot, or stoned, or jailed for unpopular opinions instead of being forced to take a $985,000,000 profit on their initial $15M investment.
I assume you are both also in favor of eminent domain.
Does Donald Sterling even get that $ or does Shelly now that she has been declared the Trustee?
Does Donald Sterling even get that $ or does Shelly now that she has been declared the Trustee?