Los Angeles Clippers co-owner Shelly Sterling has announced the franchise’s $2 billion sale to former Microsoft CEO Steve Ballmer.
The record-setting transaction was signed by Ballmer and Sterling Thursday evening, but both parties remained mum until releasing statements late that night.
Shelly Sterling said in the release that she was acting as the sole trustee of the Sterling Family Trust, which owns the Clippers. ESPN reported that experts had recently declared co-owner Donald Sterling to be “mentally incapacitated,” transferring power over the team to Shelly under the rules of the trust.
“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.” Continue reading “Shelly Sterling announces $2 billion sale of Clippers to Steve Ballmer” »