Clippers Sold for $2 Billion
LOS ANGELES, May 30, 2014 /PRNewswire/ -- Shelly Sterling announced today that she has signed a binding contract for the sale of the Clippers by The Sterling Family Trust to Steve Ballmer at a price of $2 billion. Shelly Sterling was acting under her authority as the sole trustee of The Sterling Family Trust which owns the Clippers.
"I am delighted that we are selling the team to Steve, who will be a terrific owner," Shelly Sterling said. "We have worked for 33 years to build the Clippers into a premiere NBA franchise. I am confident that Steve will take the team to new levels of success."
Steve Ballmer said: "I will be honored to have my name submitted to the NBA Board of Governors for approval as the next owner of the Los Angeles Clippers. 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. LA 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. I thank Shelly Sterling for her willingness to entrust the Clippers franchise to me, and I am grateful to NBA Commissioner Adam Silver and his colleagues for working collaboratively with me throughout this process."
Greenberg Glusker served as counsel to Shelly Sterling. BofA Merrill Lynch acted as financial advisor.
SOURCE Greenberg Glusker