May 29, 2014, 8:48 AM EDT
Donald Sterling, through his attorney, says he’s not ready to sell the Clippers. Depending on the precise language of a letter he signed, he may or may not have already given his wife full authority to sell the team.
Either way, the NBA is planning to vote out the Sterlings Tuesday. That doesn’t leave much time for the league to vet any buyers before approving a Sterling-approved sale.
Facing roadblocks from all directions, Shelly Sterling is forging ahead in her attempts to sell the team anyway.
Shelly Sterling and her advisers received a handful of bids for the team Wednesday — with sources saying the bids are well more than $1 billion — in what is turning into a rush to find a buyer for the franchise before Tuesday’s Board of Governors meeting at which both of the Sterlings’ ownership interests could be terminated.
Despite the pace of the sale and seriousness of the buyers — sources said bidders were asked to post a $300 million deposit — Donald Sterling’s continuing opposition is beginning to worry several groups. The concern, one source with knowledge of the situation told ESPN, is that he is using this sale process to establish a value for the team so he later can sue the league for damages if forced to sell.
In the books given to prospective buyers, sources said, Shelly Sterling has offered to sell 100 percent of the team, which has been an important condition for the NBA.
The franchise and the team’s recently built practice facility in Playa Vista, California, are part of the sale, sources said. However, the winning bidder theoretically could prefer to lease the facility from the Sterlings, a source said.
Shelly Sterling has retained Bank of America to handle the sale. Initial bids were due Wednesday. However, a source told ESPN that several groups were given an extension until Thursday. While there was initially a sense that there would be several rounds of bidding, it now appears the strongest bidders will simply negotiate directly with Shelly Sterling and her advisers over the next few days.
If the Sterlings are using this process to establish value for the team to seek damages, they’re probably going about it the wrong way. By demanding a $300 million deposit – which would sit in escrow until all lawsuits are resolved, according to Bill Simmons of ESPN – and threatening a Donald-filed lawsuit involving anyone and everyone, the Sterlings are reducing the value of the bids.
If they just want to control the sale of the team on their own terms, OK. But if they want to maximize their return, they’re failing. The team will likely sell for more once the NBA takes control of the process, excising at least some of the Sterling complications to the process.
Regardless, I can’t see Shelly reaching an agreement with a buyer in time for the NBA to vet the new owners and approve the sale.
Jul 25, 2014, 11:51 AM EDT
Former Bull and Piston sat out last season
Jul 25, 2014, 11:11 AM EDT
New TV deal expected to drastically increase revenue
Jul 25, 2014, 10:33 AM EDT
Not a Cleveland Cavaliers beat reporter. A LeBron James beat reporter.
Jul 25, 2014, 9:55 AM EDT
Rookie big man has been mentioned in Kevin Love trade rumors
Jul 25, 2014, 9:22 AM EDT
Timberwolves reportedly come to their senses, prefer Andrew Wiggins to Klay Thompson
Jul 25, 2014, 8:46 AM EDT
Francisco Garcia opted out of a veteran minimum deal, he will re-sign for a veteran minimum deal.
Chris Paul on boycott if Sterling is still owner: “That’s something me and Doc are both talking about”
Jul 25, 2014, 8:00 AM EDT
It benefits CP3, the president of the players’ union, to talk tough on this issue.
Jul 25, 2014, 12:01 AM EDT
Bonner is one of a few Spurs teammates taking the trophy on tour this summer.
Jul 24, 2014, 11:00 PM EDT
Sixers continue their plan of seeking out delayed gratification.
Agency that reps Ray Allen says reports he intends to play for Cavaliers are ‘unfounded,’ no decision has been made
Jul 24, 2014, 9:45 PM EDT
Despite reports that Allen was on the verge of signing with Cleveland, nothing has been decided just yet.
Jul 24, 2014, 8:44 PM EDT
Blake Griffin joins Kawhi Leonard and LaMarcus Aldridge as players who are passing on Team USA this summer.
Jul 24, 2014, 7:18 PM EDT
Team USA is bringing Kyrie Irving, Stephen Curry, Damian Lillard, Derrick Rose and John Wall to camp. And that’s just at the point guard spot.
Jul 24, 2014, 6:30 PM EDT
The NBPA is up to something here
It’s official: Jameer Nelson signs with Mavericks, says: “I’m just preparing myself to make open shots.”
Jul 24, 2014, 5:49 PM EDT
Another solid signing for a Mavs team that has had a good offseason.
Jul 24, 2014, 5:02 PM EDT
It’s the largest single-year contract in NBA history.
Jul 24, 2014, 4:19 PM EDT
It’s another 30 days Minnesota can try to leverage a better deal out of Chicago, Golden State and anyone else who wants Kevin Love.
Jul 24, 2014, 3:33 PM EDT
His new nickname could be PG-13.
Jul 24, 2014, 2:55 PM EDT
Houston obviously didn’t match, allowing Parsons to sign with Mavericks
Jul 24, 2014, 2:22 PM EDT
Lin wore No. 17 with Knicks
- Report: Cavaliers leading Kevin Love-trade sweepstakes 22
- Chris Paul on boycott if Sterling is still owner: “That’s something me and Doc are both talking about” 19
- Players union approves of Thunder’s Josh Huestis arrangement 14
- Cavaliers officially sign Andrew Wiggins, putting 30-day hold on him being traded 52
- Lakers deny rumor they are waiting around for Doc Rivers to be coach 60
- James Harden: “Dwight and I are the cornerstones of the Rockets. The rest of the guys are role players.” 89
- Mavericks signing Al-Farouq Aminu to two-year, minimum salary contract 12
- Report: Ballmer’s $2 billion Clippers offer nearly double what Bank of America valued team at 20