Former Microsoft CEO Steve Ballmer buys the Clippers for $2 billion

SOLD: Clippers sell for $2 billion to former Microsoft CEO

5/30/14 in NBA   |   Pat   |   5230 respect

Blog Photo - Former Microsoft CEO Steve Ballmer buys the Clippers for $2 billion

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.
 
"I love basketball, and I intend to do everything in my power to ensure that the Clippers continue to win -- and win big -- in Los Angeles. L.A. is one of the world's great cities -- a city that embraces inclusiveness, in exactly the same way that the NBA and I embrace inclusiveness. I am confident that the Clippers will in the coming years become an even bigger part of the community."

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.
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5/30/14   |   Debi_L   |   11790 respect

What makes me happiest about this news is the hope that we will never, ever have to read, hear or see another word from either Sterling.