Former Microsoft CEO Steve Ballmer has bought the Los Angeles Clippers, coming to an agreement with Shelley Sterling to buy the team for $2 billion.
The price is nearly four times the amount the Milwaukee Bucks sold for ($550M) and is the second highest price for a sports franchise in U.S. sports history.
Donald Sterling was being forced to sell the Clippers after some of his racist remarks were leaked to the public.
Sterling, who bought the team for $12.5 million in 1981, and is making a huge profit off of the NBA's burning desire to get him out of the league. Forbes recently valued the Clippers at approximately $575M, so he's making a huge profit on top of the already enormous return on his original investment.
Ballmer taking over the team is definitely a good thing, in that it rids them of Sterling. But he's also an excellent candidate for owner, according to people familiar with the situation. Also, he seems pretty excited about the opportunity.
This is great for the Clippers and the NBA. Unfortunately, it's also great for Donald Sterling. It's hard to believe he's learned his lesson after this financial windfall.