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.
Mar 3, 2015, 2:55 AM EST
Goran Dragic would have sat out with back pain against anyone else, but he dropped 21 on the Suns.
Mar 3, 2015, 1:14 AM EST
Zach LaVine can get up. But you already knew that.
Mar 3, 2015, 12:01 AM EST
The Warriors fell to 46-12.
Mar 2, 2015, 11:15 PM EST
Griffin has missed the Clippers’ last 10 games.
Mar 2, 2015, 10:30 PM EST
Whiteside grabbed Len by the legs.
Mar 2, 2015, 9:45 PM EST
Hamilton had no chance.
Mar 2, 2015, 9:00 PM EST
Yes, you read that right.
Mar 2, 2015, 8:15 PM EST
Teletovic is also out for the season.
Mar 2, 2015, 7:30 PM EST
We’ll see about that.
Mar 2, 2015, 6:44 PM EST
He will sit out Tuesday vs. Atlanta.
Mar 2, 2015, 6:15 PM EST
Nine total shoes, three colorways each.
Mar 2, 2015, 5:30 PM EST
Has his extra run and touches since Josh Smith was released changing the dynamic in Detroit?
Mar 2, 2015, 4:30 PM EST
Nobody is talking about Dwight Howard as long as the Rockets are winning.
Mar 2, 2015, 3:45 PM EST
The Knicks got some wins and move out of the cellar.
Mar 2, 2015, 3:08 PM EST
Wizards forward has twice been suspended following altercations with Chicago
Mar 2, 2015, 2:28 PM EST
Lakers guard says he can take a joke – just not this one
Mar 2, 2015, 1:45 PM EST
Bulls facing big challenge without their best player
Doc Rivers on DeAndre Jordan for Defensive Player of the Year: ‘If anybody else gets that award, we need to have an investigation’
Mar 2, 2015, 1:18 PM EST
Clippers coach: ‘What he’s doing defensively, if he was doing that offensively, he would be recognized as the MVP’
Mar 2, 2015, 12:38 PM EST
I can’t wait
Mar 2, 2015, 11:59 AM EST
Sleeves notwithstanding, these are good
- Five Things We Learned in NBA Monday: Goran Dragic got his revenge in concentrated form 0
- League suspends James Harden one game for kick to LeBron James’ groin 19
- PBT’s weekly NBA Power Rankings: Hawks seem to be out of malaise. Maybe. 8
- Report: Jimmy Butler could miss three to four weeks with elbow injury 5
- Five Things We Learned in NBA Sunday: James Harden, LeBron James want your MVP vote 11
- Report: Sixers agree to buyout with JaVale McGee; he can sign with contender 36
- Bulls’ Jimmy Butler leaves with elbow injury, does not return (VIDEO) 0
- Adam Silver says data may prove Gregg Popovich right in terms of resting multiple players 18