Embattled Los Angeles Clippers owner Donald Sterling has agreed to sell the team for $2 billion and will drop his lawsuit against the National Basketball Association, his lawyer Maxwell Blecher said on Wednesday, five weeks after taped racist remarks Sterling made caused the NBA to ban him for life. Sterling, 80, sued the league and…
Getty Images (Reuters) — Donald Sterling bought the Los Angeles Clippers for 16 million and is set to sell the team for $2 billion. That’s a 16,000% return or a lofty 16% a year. Here’s a look at other investments he could have made at the time, and how much less he would have made….
(Reuters) — Donald Sterling, forced to sell his National Basketball Association team after a lifetime ban for making racist comments, is not going to be remembered as a “visionary,” “icon” or “oracle” – terms attached over the years to renowned business personalities such as Bill Gates, Steve Jobs and Warren Buffett. But Sterling’s winning bet…
The National Basketball Association said on Friday that it has reached an agreement with the estranged wife of Los Angeles Clippers owner Donald Sterling to sell the team, opening a new chapter for the franchise after 33 years under Sterling. Sterling, 80, was banned for life by the NBA for racist remarks in a private…
Donald Sterling’s wife, Shelly Sterling, had him declared mentally unfit after he was diagnosed with Alzheimer’s, enabling her to push through former Microsoft CEO Steve Ballmer’s $2 billion offer to buy the Los Angeles Clippers, TMZ reported Friday. The family trust that governs the Sterlings’ ownership of the Clippers basketball team includes a clause that…
A group that includes billionaire media executive David Geffen, television icon Oprah Winfrey and Oracle Chief Executive Officer Larry Ellison bid more than $1.5 billion for the Los Angeles Clippers professional basketball team, according to a person familiar with the bid. The bid was one of several for the franchise. Geffen’s group also includes Guggenheim…
Donald Sterling, banned from owning a pro basketball team for inflammatory remarks he made about African Americans, called the National Basketball Association’s action illegal because it was based on a “lover’s quarrel” that was “illegally recorded.” “This was an argument between a jealous man and the woman he loved that should never have left the…
* Donald Sterling, banned for life from the NBA for taped racist comments, has handed over control of the Los Angeles Clippers to his wife, according to media reports on Friday. Celebrity website TMZ, citing unnamed sources, reported that Sterling transferred control of the team to his estranged wife, Shelly, and she is negotiating with…
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