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The Los Angeles Clippers bidding war is in full effect with some of the biggest heavyweights in the business world all throwing their money in the ring.
Shelly Sterling is receiving bids from some of the deepest pockets in the world and the numbers being thrown her way are astounding. The sale is expected to break the $1 billion dollar mark, which would make this the biggest sale of an NBA franchise.
The franchise was initially purchase by Donald Sterling in 1981 for roughly $13 million dollars. The Sterling’s may be getting the boot from the NBA but it sure looks like its one of the plushest boots of all time.
No matter who buys the team Donald and Shelly will still have quadrupled their money a few times over. It's strange that a guy like Donald Sterling can run a franchise into the ground for the majority of his ownership but because of the location he is still going to leave like a bandit.
One of the groups that are attempting to purchase the franchise is led by music mogul David Geffen and also includes Oprah Winfrey, Steve Jobs widow Laurene Jobs, and Beats by Dre co-founder Jimmy Iovine. That group, as you would assume, will make a healthy bid but may not be the highest bid.
The highest reported bid so far has already exceeded the $1 billion dollar mark. It is rumored that former Microsoft CEO Steve Ballmer has made an initial bid of $1.8 billion dollars.
If you remember Steve Ballmer was part of the group led by Chris Hansen that was attempting to bring the NBA back to Seattle. Some believe that Ballmer making the bid for the Clippers is an indication that he may have been told that bringing the NBA back to Seattle will not be happening anytime soon.
He has already stated he has no plans on moving the Clippers if he is able to buy the franchise because of the hot Los Angeles market and TV revenue.
Another group in the run for the Clippers is led by former NBA All-Star Grant Hill and billionaire investors Tony Ressler and Bruce Karsh.
The NBA had a conference call to further discuss the Sterling situation and will hold their vote to remove Donald Sterling from the NBA on Tuesday.
Donald Sterling is making things as difficult as he possibly can for the NBA and has sent letters to the NBA saying he plans on fighting this "To the bloody end". It is looking more and more like it may not just be a racist running the Clippers, but also a man who is just plain out losing it all together.
After sending a SIGNED letter to his wife Shelly, as well as NBA Commissioner Adam Silver, saying that he gives Shelly permission to sell the team, he has gone back and said she is not allowed and that he never signed any such letter.
Well unfortunately for Donald, he in fact not only signed the letter but his lawyer has as well. Next to his signature Sterling also wrote "read and approved".
Donald Sterling will still put up a fight since he is an attorney himself, the type of attorney who loves debating in the courtroom.
As much as he tries to fight the ousting from the NBA he will still be selling the team, and if it goes the way commissioner Silver hopes than it should be done quick.
One anonymous bidder said that the process is moving quickly and we could know who the next owner of the Los Angeles Clippers will be by Friday. The fact that the bidders consist of multiple billionaires, this deal could potentially be sold 80% cash and less than 20% financed, which will make it easier to evaluate each groups bid.
Now we sit back and relax and let the Los Angeles Clippers bidding war unfold.
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