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.
Aug 20, 2014, 10:35 AM EDT
He makes some points.
Aug 20, 2014, 9:56 AM EDT
It goes much deeper than that.
Aug 20, 2014, 9:16 AM EDT
You cannot push all the way back from knee surgery without having pain.
Kobe Bryant says he will not be same player as before, says he’s evolved into something equally good
Aug 20, 2014, 8:44 AM EDT
Kobe has plenty of doubters now to fuel him.
Aug 20, 2014, 8:00 AM EDT
Best NBA Jam duo on a current team? Give me Durant and Westbrook.
Aug 20, 2014, 12:01 AM EDT
Bryant appears on latest Sports Illustrated cover.
Aug 19, 2014, 10:29 PM EDT
Highlights only serve as a reminder of just how bad things were in Los Angeles.
Aug 19, 2014, 8:57 PM EDT
Derrick Rose, not so much.
Report: Agent for Greg Monroe pursued sign-and-trade deals with five teams, including Thunder and Blazers
Aug 19, 2014, 7:21 PM EDT
Monroe will sign qualifying off with Pistons if no deal is in place by Oct. 1.
Aug 19, 2014, 6:00 PM EDT
Bonner now drives a 2014 Chevy Impala.
Aug 19, 2014, 5:00 PM EDT
I would pay good money to see this, even though I wouldn’t understand a word.
Aug 19, 2014, 4:01 PM EDT
I think the Pelicans are a playoff team next season.
Aug 19, 2014, 3:18 PM EDT
He’s fine, it’s just precautionary.
Aug 19, 2014, 2:59 PM EDT
I wouldn’t be shocked if this happened. Eventually.
Aug 19, 2014, 2:24 PM EDT
He’s 74, seems like a good time to hang it up.
Aug 19, 2014, 1:43 PM EDT
Derrick Rose had another light day.
Aug 19, 2014, 1:10 PM EDT
Ballmer sounded a little raspy and hoarse while on the Dan Patrick show Tuesday. Wonder why?
Aug 19, 2014, 12:43 PM EDT
From the outside looking in, it seems three spots will be divided between Mason Plumlee, Andre Drummond, Chandler Parsons, Gordon Hayward and Kyle Korver.
Aug 19, 2014, 12:24 PM EDT
They need him healthy this season, same with Deron Williams.
Aug 19, 2014, 11:17 AM EDT
The myth of Kobe Bryant continues to grow.
- Kevin Durant reiterates that rest was his reason for withdrawing from Team USA 4
- Kobe Bryant says he will not be same player as before, says he’s evolved into something equally good 9
- Report: Agent for Greg Monroe pursued sign-and-trade deals with five teams, including Thunder and Blazers 21
- Derrick Rose sits out another Team USA practice, not likely to start Wednesday 20
- DeMarcus Cousins practices with team USA Tuesday, says he’s 50-50 for Wednesday game 2
- Jim Boeheim says of Carmelo Anthony, “it would have been better to go to Chicago” 31
- Steve Ballmer screams like a maniac at Clippers rally 26
- Thibodeau calls Team USA “perfect setting” for Derrick Rose to make return 6