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.
Oct 24, 2014, 1:15 AM EDT
Noel isn’t ready to stop that much power going to the rim yet.
Oct 24, 2014, 12:15 AM EDT
Spurs big man just won’t stop producing great seasons
Oct 23, 2014, 11:00 PM EDT
That’s real artistry by the Heat star
Oct 23, 2014, 10:00 PM EDT
Why is Houston’s general manager downplaying his own team’s success?
Oct 23, 2014, 8:50 PM EDT
Sterling had previously dropped a fraud charge against the NBA.
Oct 23, 2014, 8:02 PM EDT
The two-time MVP continues to battle nerve damage in his back.
Oct 23, 2014, 7:45 PM EDT
A rare look at Popovich’s lighter side.
Oct 23, 2014, 7:00 PM EDT
Bad news for #JugLife devotees.
Oct 23, 2014, 6:15 PM EDT
Smart wins the “job” over one-time frontrunner Evan Turner
Oct 23, 2014, 5:28 PM EDT
He’s already one of the best players in Philadelphia.
Oct 23, 2014, 4:45 PM EDT
When you lose the best player walking the face of the earth, your team gets worse.
Oct 23, 2014, 4:00 PM EDT
Love reflects on his summer and the blockbuster trade in a new “Players Tribune” essay.
Oct 23, 2014, 3:22 PM EDT
It looks like a NASA launch center… but it’s a good thing for the league.
Oct 23, 2014, 2:47 PM EDT
Cavalier star forward still adjusting to playing with LeBron James, Kyrie Irving
Oct 23, 2014, 2:10 PM EDT
Retired jersey went to New Orleans when team moved
Oct 23, 2014, 1:33 PM EDT
76ers point guard originally given 5-to-50-game timeline
Oct 23, 2014, 12:57 PM EDT
Suns guard sends Clippers reserve flying
Oct 23, 2014, 12:18 PM EDT
Lakers president has strong words for Kobe detractors after ESPN report
Oct 23, 2014, 11:37 AM EDT
Kobe previously planned to play all eight preseason games
Oct 23, 2014, 11:00 AM EDT
He could miss the start of the season.
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