Report: Former Microsoft CEO Ballmer to Buy Clippers for $2 Billion

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steve ballmer

Steve Ballmer (File)

LOS ANGELES (Los Angeles Times)-

Former Microsoft chief executive Steve Ballmer won a frenetic bidding war for ownership of the Los Angeles Clippers, with his $2-billion offer setting a record price for an NBA team, The Los Angeles Times has learned.

Ballmer, who was chief executive of Microsoft for 14 years, was chosen over competitors that included Los Angeles-based investors Tony Ressler and Steve Karsh and a group that included David Geffen and executives from the Guggenheim Group, the Chicago-based owner of the Los Angeles Dodgers.

A person with knowledge of the negotiations said the Geffen group bid $1.6 billion and Ressler at $1.2 billion.

The sale price is almost four times the highest previous NBA franchise sale price — the $550 million paid earlier this month for the Milwaukee Bucks. It is second only to the Dodgers’ 2012 sale for $2.1 billion as the highest price for any sports team in North America.

The prospective sale by Clippers co-owner Shelly Sterling comes five days ahead of an NBA hearing to oust her family from ownership following a controversy in which Donald Sterling insulted African-Americans in a secret audio recording.

The tentative deal still must receive the blessing of her husband, Donald Sterling, who has waxed and waned on the question of whether he would allow his wife to sell the team he has controlled for more than three decades.

Ballmer was once in a group vying to buy the Sacramento Kings and relocate them to Seattle. It has been reported that Ballmer’s deal with the Clippers stipulates that he must keep the team in Los Angeles.

Continue reading on LATimes.com.

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