Skip to content

Report: Shelly Sterling has received ‘handful’ of $1 billion-plus bids for Clippers

May 29, 2014, 8:48 AM EDT

Donald Sterling, Rochelle Sterling Donald Sterling, Rochelle Sterling

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.

Ramona Shelburne and Darren Rovell ESPN.com write:

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.

Latest Posts
  1. Raptors’ GM Masai Ujiri sees Bismack Biyombo as key part of roster transformation

    Aug 1, 2015, 9:30 AM EDT

    Detroit Pistons v Charlotte Hornets Getty Images

    Biyombo has worked with Hakeem Olajuwon this summer on post moves, other parts of his game.

  2. Nets finally taking responsible path to rebuilding, don’t expect another spending spree next summer

    Aug 1, 2015, 8:00 AM EDT

    Brooklyn Nets Deron Williams Paul Pierce Kevin Garnett Getty Images

    The Nets will be paying the price for their win-now era for a few years to come still.

  3. Report: Dwight Howard to attend Team USA mini-camp after all

    Aug 1, 2015, 1:11 AM EDT

    Dwight Howard AP

    This is the right move, whether he decides to play in Rio or not.

  4. Watch Karl-Anthony Towns highlights from Summer League

    Jul 31, 2015, 11:08 PM EDT

    cd0ymzcznguwzdbhnduynddiytjhm2yyzthlmtjjotqwyyznpwu3mmzjztazntu1ogzhywnkzju2otmyzgnloty5otbl1 AP

    He looks like a guy who can live up to the No. 1 pick billing.

  5. Pelicans waive Toney Douglas, still await Norris Cole decision

    Jul 31, 2015, 10:26 PM EDT

    Utah Jazz v New Orleans Pelicans Getty Images

    Norris Cole is still looking for a bigger payday.

  6. Pacers’ Jordan Hill arrested for reckless driving, clocked at 107 mph

    Jul 31, 2015, 7:15 PM EDT

    Phoenix Suns v Los Angeles Lakers Getty Images

    Hill told the police he was “in a hurry.” I guess so.

  7. Warriors trade Gerald Wallace to Philadelphia in exchange for Jason Thompson

    Jul 31, 2015, 7:01 PM EDT

    Dallas Mavericks v Sacramento Kings Getty Images

    Neither guy is going to make a difference on the court for these teams. This was just moving some money around.

  8. Trail Blazers guarantee Allen Crabbe’s contract for next season

    Jul 31, 2015, 5:46 PM EDT

    LV Celtics v Trailblazers Getty Images

    Crabbe looked good in Las Vegas at Summer League.

  9. Report: Hedo Turkoglu wants to play anther NBA season, Kings possiblity

    Jul 31, 2015, 4:59 PM EDT

    Washington Wizards v Los Angeles Clippers Getty Images

    The Kings don’t really have the roster spot for him.

  10. Grizzlies’ D-League affiliate hires female assistant coach

    Jul 31, 2015, 4:11 PM EDT

    NBA.com NBA.com

    Iowa Energy add Nicki Gross to coaching staff

  11. Report: Joe Johnson “pumped” that Deron Williams bought out by Nets

    Jul 31, 2015, 12:52 PM EDT

    joe johnson nets sleeved alternates

    Johnson makes $24.9 million, but this is the last year of his contract.

  12. Report: Knicks to sign Thanasis Antetokounmpo

    Jul 31, 2015, 12:47 PM EDT

    20141220 Westchester Knicks at Maine Red Claws Getty Images

    New York drafted Giannis Antetokounmpo’s brother last year

  13. Report: 76ers second-rounder J.P. Tokoto won’t sign with Philadelphia

    Jul 31, 2015, 10:23 AM EDT

    Houston Rockets v Philadelphia 76ers Getty Images

    No. 58 pick will reportedly head overseas or to D-League

  14. Knicks waive Ricky Ledo

    Jul 31, 2015, 9:21 AM EDT

    Ricky Ledo AP

    Guard didn’t show much in short stint in New York

Top 10 NBA Player Searches
  1. K. Bryant (2640)
  2. B. Haywood (2010)
  3. M. Miller (1871)
  4. I. Thomas (1846)
  5. L. James (1782)
  1. N. Young (1688)
  2. J. Smith (1657)
  3. S. Napier (1606)
  4. T. Thompson (1575)
  5. G. Robinson III (1488)