Shelly Sterling Discloses LA Clippers were Bought for US $2 Billion
Dino Lirios | | Aug 30, 2014 05:13 PM EDT |
(Photo : Reuters)
Shelly Sterling recently disclosed the details of the deal that sold the National Basketball Association's (NBA) team L.A. Clippers to Microsoft CEO Steve Ballmer.
The necessity for selling the team came after husband and owner Donald Sterling was reprimanded by the NBA for his racial comments to his secretary and girlfriend. Mrs. Sterling then stepped in to help facilitate and broker the deal.
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After she hired attorney Pierce O'Donnell, it quickly showed that a lot of people were interested in buying the team.
When the price for the team was being discussed, it was said that Mrs. Sterling wrote two numbers on a piece of paper: US $1.5 and US $2. The thing she didn't write on the paper though was that she was asking for billions.
Bidders from a princess of Egypt to Dreamworks founder David Geffen erupted, the latter supposedly bidding US $1.65 billion.
However, Ballmer soon called and wanted to speak to Mrs. Sterling in person.
She recounts that Ballmer was very child-like and excited. "I felt he would be good for the team," Mrs. Sterling said.
When they met, Ballmer initially offered US $1.9 billion. However, Mrs. Sterling was not satisfied.
She started telling Ballmer facts that would ensure how much a bargain purchasing the team would be.
She told Ballmer that he would not need to create a stadium, as they already had one, that they had good players in the team and a good coach, and that he would never get another opportunity to buy an NBA team in LA.
Without any malice, Ballmer decided to buy the Clippers for US $2 billion.
He had to promise though that the team would stay in LA and not go to Seattle, while granting Mrs. Shelly the title of "owner emeritus."
This would give her floor season tickets for all Clippers games and three championship rings if the Clippers won a championship.
Mrs. Sterling had always worked behind the scenes to help out her husband. Now, she stepped in and brokered one of the most expensive deals in NBA history.
TagsLA Clippers, Shelly Sterling, Donald Sterling, $2 billion
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