A charitable foundation to be run by Los Angeles Clippers co-owner Shelly Sterling, whose estranged husband, Donald Sterling, is being forced to sell the NBA team after making racist remarks, will have a stake in the franchise, a source close to negotiations said on Monday. The foundation can have up to a 10 percent share…
(Reuters) — National Basketball Association Commissioner Adam Silver said on Sunday a single obstacle blocked completion of the $2-billion sale of the Los Angeles Clippers – a lawsuit brought by embattled owner Donald Sterling against the league. Sterling, 80, sued the NBA and Silver on May 30 seeking at least $1 billion in damages just…
Embattled Los Angeles Clippers owner Donald Sterling has agreed to sell the team for $2 billion and will drop his lawsuit against the National Basketball Association, his lawyer Maxwell Blecher said on Wednesday, five weeks after taped racist remarks Sterling made caused the NBA to ban him for life. Sterling, 80, sued the league and…
Getty Images (Reuters) — Donald Sterling bought the Los Angeles Clippers for 16 million and is set to sell the team for $2 billion. That’s a 16,000% return or a lofty 16% a year. Here’s a look at other investments he could have made at the time, and how much less he would have made….
(Reuters) — Donald Sterling, forced to sell his National Basketball Association team after a lifetime ban for making racist comments, is not going to be remembered as a “visionary,” “icon” or “oracle” – terms attached over the years to renowned business personalities such as Bill Gates, Steve Jobs and Warren Buffett. But Sterling’s winning bet…
The National Basketball Association said on Friday that it has reached an agreement with the estranged wife of Los Angeles Clippers owner Donald Sterling to sell the team, opening a new chapter for the franchise after 33 years under Sterling. Sterling, 80, was banned for life by the NBA for racist remarks in a private…
Donald Sterling’s wife, Shelly Sterling, had him declared mentally unfit after he was diagnosed with Alzheimer’s, enabling her to push through former Microsoft CEO Steve Ballmer’s $2 billion offer to buy the Los Angeles Clippers, TMZ reported Friday. The family trust that governs the Sterlings’ ownership of the Clippers basketball team includes a clause that…
A group that includes billionaire media executive David Geffen, television icon Oprah Winfrey and Oracle Chief Executive Officer Larry Ellison bid more than $1.5 billion for the Los Angeles Clippers professional basketball team, according to a person familiar with the bid. The bid was one of several for the franchise. Geffen’s group also includes Guggenheim…
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