The L.A. Times is reporting that former Microsoft CEO Steve Ballmer is going to purchase the L.A. Clippers for a reported $2 billion.
Former Microsoft CEO Steve Ballmer to buy the Clippers for $2 billion
— Los Angeles Times (@latimes) May 29, 2014
Balmer, 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 Milwaukee Bucks were sold for $550 million earlier this month. It is second to the Dodgers 2012 sale for $2.1 billion as the highest price for any sports team in North America.
Donald Sterling and the other 29 NBA owners must sign off on the deal.Powered by Sidelines