Wow
Donald Sterling ruled mentally unfit, can't prevent Clippers sale
Los Angeles Clippers owner Donald Sterling does not have the authority to stop a $2 billion sale of his team because he has been determined to be mentally unfit to make decisions related to the family trust, a person familiar with the situation told USA TODAY Sports.The Sterling Family Trust owns the team, with Donald and his wife Shelly each owning a 50% share. The trust spells out provisions and procedures related to the mental capacity of the trustees, and Donald Sterling did not meet the standard in a determination by experts, giving his wife sole decision-making power for the trust, the person said.
Shelly Sterling reached a deal Thursday with former Microsoft CEO Steve Ballmer to sell the Clippers for a record $2 billion. The contract was sent to the NBA for approval a few days before the league's Board of Governors was set to vote on whether to terminate the Sterlings' ownership of the team.
http://www.usatoday.com/story/sport...helly-los-angeles-sale-steve-ballmer/9754549/
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Probably a fitting end to this.
Donald Sterling ruled mentally unfit, can't prevent Clippers sale
Los Angeles Clippers owner Donald Sterling does not have the authority to stop a $2 billion sale of his team because he has been determined to be mentally unfit to make decisions related to the family trust, a person familiar with the situation told USA TODAY Sports.The Sterling Family Trust owns the team, with Donald and his wife Shelly each owning a 50% share. The trust spells out provisions and procedures related to the mental capacity of the trustees, and Donald Sterling did not meet the standard in a determination by experts, giving his wife sole decision-making power for the trust, the person said.
Shelly Sterling reached a deal Thursday with former Microsoft CEO Steve Ballmer to sell the Clippers for a record $2 billion. The contract was sent to the NBA for approval a few days before the league's Board of Governors was set to vote on whether to terminate the Sterlings' ownership of the team.
http://www.usatoday.com/story/sport...helly-los-angeles-sale-steve-ballmer/9754549/
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Probably a fitting end to this.
2nd fiddle in LA isn't a huge deal though. It is a fickle sports market, I think people underestimate how fast the Clipps can gain fans just by being good. It isn't like the East coast where no matter how good the Mets get, the Yanks will always be by far #1.
He is gonna be 10 times more competent of an owner than Sterling is. They will get a new local TV deal soon.
There are only 30 teams and big market teams rarely ever come avail, he has 20 billion. What else is he gonna spend it on?
Charlie Sheen has F U money but this guy REALLY has F U money
He is gonna be 10 times more competent of an owner than Sterling is. They will get a new local TV deal soon.
There are only 30 teams and big market teams rarely ever come avail, he has 20 billion. What else is he gonna spend it on?
Charlie Sheen has F U money but this guy REALLY has F U money
There is so much money in the world it is crazy. It is like a spur of them moment decision to drop 2 billion dollars. And personally I think the Lakers are the ones playing 2nd fiddle. The Clippers have been the talk of the town all year even before Sterling didnt do anything that people are blowing out of proportions. Also, Adam Silver just looks like someone you want to set on fire
From the NY Times
The bid was also 20 percent more than the next closest offer for the franchise, which had been a perennial doormat, has never made it past the second round of the N.B.A. playoffs and does not own an arena. He would inherit a team held by Donald Sterling, who was barred from the N.B.A. for life after making racist comments and is widely considered to be one of the league’s worst owners.
http://www.nytimes.com/2014/05/31/s...or-clippers-is-a-big-bet-on-the-nba.html?_r=0
The bid was also 20 percent more than the next closest offer for the franchise, which had been a perennial doormat, has never made it past the second round of the N.B.A. playoffs and does not own an arena. He would inherit a team held by Donald Sterling, who was barred from the N.B.A. for life after making racist comments and is widely considered to be one of the league’s worst owners.
http://www.nytimes.com/2014/05/31/s...or-clippers-is-a-big-bet-on-the-nba.html?_r=0
Sterling not the only person that has said something dumb in his life...
Ballmer: Now we’ll get a chance to go through this again in phones and music players. There’s no chance that the iPhone is going to get any significant market share. No chance. It’s a $500 subsidized item. They may make a lot of money. But if you actually take a look at the 1.3 billion phones that get sold, I’d prefer to have our software in 60% or 70% or 80% of them, than I would to have 2% or 3%, which is what Apple might get.
In the case of music, Apple got out early. They were the first to really recognize that you couldn’t just think about the device and all the pieces separately. Bravo. Credit that to Steve (Jobs) and Apple. They did a nice job.
But it’s not like we’re at the end of the line of innovation that’s going to come in the way people listen to music, watch videos, etc. I’ll bet our ads will be less edgy. But my 85-year-old uncle probably will never own an iPod, and I hope we’ll get him to own a Zune.
Ballmer: Now we’ll get a chance to go through this again in phones and music players. There’s no chance that the iPhone is going to get any significant market share. No chance. It’s a $500 subsidized item. They may make a lot of money. But if you actually take a look at the 1.3 billion phones that get sold, I’d prefer to have our software in 60% or 70% or 80% of them, than I would to have 2% or 3%, which is what Apple might get.
In the case of music, Apple got out early. They were the first to really recognize that you couldn’t just think about the device and all the pieces separately. Bravo. Credit that to Steve (Jobs) and Apple. They did a nice job.
But it’s not like we’re at the end of the line of innovation that’s going to come in the way people listen to music, watch videos, etc. I’ll bet our ads will be less edgy. But my 85-year-old uncle probably will never own an iPod, and I hope we’ll get him to own a Zune.
Just released
Shelly Sterling advised the NBA last night that an agreement had been reached with Steve Ballmer, and the NBA Advisory/Finance Committee met via conference call this morning to discuss these developments. We await the submission of necessary documentation from Mrs. Sterling. In the meantime, the June 3 special meeting of the NBA Board of Governors remains as scheduled."
http://www.nba.com/2014/news/05/30/nba-statement-on-clippers-sale/
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Shelly Sterling advised the NBA last night that an agreement had been reached with Steve Ballmer, and the NBA Advisory/Finance Committee met via conference call this morning to discuss these developments. We await the submission of necessary documentation from Mrs. Sterling. In the meantime, the June 3 special meeting of the NBA Board of Governors remains as scheduled."
http://www.nba.com/2014/news/05/30/nba-statement-on-clippers-sale/
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