May 29, 2014, 8:48 AM EST
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.
Dec 27, 2014, 6:30 PM EST
Stephenson has missed the last four games.
Dec 27, 2014, 5:03 PM EST
Will the Lakers’ offense resort to stagnation?
Dec 27, 2014, 3:30 PM EST
Anthony Davis has arrived.
Dec 27, 2014, 2:00 PM EST
Stuckey says the trade robbed the locker room of accountability.
Dec 27, 2014, 12:30 PM EST
LeBron James was in “chill mode” and this team is vulnerable when he is.
Dec 27, 2014, 11:00 AM EST
Hamstrings are tricky things.
Dec 27, 2014, 9:30 AM EST
This option was always on the table for him, people around the NBA just never thought he’d choose it.
Dec 27, 2014, 7:59 AM EST
He won’t be available until February or March, the Heat may not want to wait that long.
Dec 27, 2014, 12:45 AM EST
Lob City comes to Sacramento.
Dec 27, 2014, 12:02 AM EST
Moses Malone is up next.
Dec 26, 2014, 11:15 PM EST
Should have had a three-point opportunity, too.
Dec 26, 2014, 10:30 PM EST
He isn’t human.
Dec 26, 2014, 9:45 PM EST
Hopefully there are more of these and fewer threes.
Dec 26, 2014, 9:00 PM EST
Not good news for the Cavs’ frontcourt depth.
Dec 26, 2014, 8:15 PM EST
His body is still sore.
Dec 26, 2014, 7:30 PM EST
Teams are looking for any edge they can get.
Dec 26, 2014, 6:00 PM EST
The no-trade worked out quite well for Toronto.
Dec 26, 2014, 4:29 PM EST
At 25 points a game it would still take Kobe 182 games to catch Malone. That’s not likely.
Dec 26, 2014, 3:00 PM EST
Knicks fans are going to need to be patient, something New Yorkers have long been know for. *cough*
Dec 26, 2014, 1:30 PM EST
Tarik Black will land on another NBA roster.
- PBT’s Top 10 NBA stories of 2014, No. 10: Anthony Davis’ breakout 4
- Rumor: Ray Allen leaning toward retirement, not return 7
- Josh Smith makes Rockets debut, throws down two-handed dunk (VIDEO) 13
- Carmelo Anthony on the Knicks: “The fans are dying, we’re dying” 20
- Rockets officially sign Josh Smith, who will play Friday night; waive Tarik Black 6
- Clippers win ‘nice, boring’ Christmas Day battle with Warriors 1
- Miami fans give LeBron warm welcome, Heat team not so much in upset win 24
- Russell Westbrook inspires Thunder to skid-stopping win over Spurs 8