Tweet of the Day: Clippers’ Bidding Comes To An End

Ever since Shelly Sterling claimed to have her husband Donald’s approval to move forward with the sale of the Los Angeles Clippers, she has moved at a blistering pace to field bids in hopes of securing a legitimate buyer before the NBA Board of Governors convene Tuesday, June 3 to vote to have them removed as team owners.

Since initiating the bidding war for the Clippers, Shelly’s husband—estranged or not—has declared war on the NBA, submitting a 32-page response to the NBA’s charges against him. He seems poised to go down with the ship, while she seems to be attempting to salvage her public image, if nothing else, by selling the team.

Some people may even suggest that everything—her sale, his legal battle—might all be a work to (somehow) drive up potential bids. I, personally, do not have the slightest clue how that could work. However, considering that Forbes valuation of the team was only $575M, something must be working.

This whole fiasco is becoming  a hodgepodge of mixed signals; crossing dollar signs with legal rhetoric.

The perceived insanity of the Sterling household aside, things seem to have taken a drastic turn Thursday evening, as reports have come flying in that the bidding war is, perhaps, over.

ESPN’s Ramona Shelburne is reporting that the Sterling Family Trust has signed off on a legal agreement to sell the Los Angeles Clippers.

There is now a signed, binding agreement between Ballmer and the Sterling family trust to sell the Clippers for $2billion, ESPN has learned

— Ramona Shelburne (@ramonashelburne) May 30, 2014

Ballmer’s agreement will go straight to the NBA for final approval, source tells ESPN.

— Ramona Shelburne (@ramonashelburne) May 30, 2014

In other words, the signed binding agreement btwn the Sterling family trust & Ballmer for $2b does not need another sign-off from Donald. — Ramona Shelburne (@ramonashelburne) May 30, 2014

This story initially started with the LA Times reporting that former Microsoft CEO Steve Ballmer had placed the highest bid for the team—that bid being $2 billion.

Former Microsoft CEO Steve Ballmer to buy the Clippers http://t.co/W8V63wVpq7 $2-billion offer sets a record price for an NBA team — Los Angeles Times (@latimes) May 29, 2014

Sacramento Kings guard and Washington native Isaiah Thomas took notice of the news.

Mr. Steve Ballmer making moves I see! — Isaiah Thomas (@Isaiah_Thomas2) May 29, 2014

Considering that Ballmer also lives in Washington and has previously made failed attempts to purchase other NBA franchises (including the Seattle Supersonics and the Sacramento Kings), this would seem to peak Thomas’ interest—especially if it could mean the possible return of the Sonics. However, there are financial responsibilities to consider.

I would say the Clippers would never be moved to Seattle because the NBA wouldn’t let a team downsize markets like that… but Sonics. — Kurt Helin (@basketballtalk) May 29, 2014

That said, at $2 billion (and a new TV deal looming in LA), the cost of building a new arena in Seattle, too much a financial hit to move. — Kurt Helin (@basketballtalk) May 29, 2014

Ballmer has said a few times that at this kind of price tag moving the team out of LA would de-value it. #NoSeattleInTheCards — Steve Kyler (@stevekylerNBA) May 29, 2014

If you’re not sure exactly how much money $2 billion is, Chris Sheridan has a well executed example right here.

ESPN’s Bill Simmons said that the initial bid from Ballmer was $1.8B, though it may have been increased to scare off other potential bidders.

PS: Ballmer’s first bid was 1.8b. Very possible the Sterlings changed the rules + bid them up last-minute. There were really no rules here.

— Bill Simmons (@BillSimmons) May 29, 2014

The strongest bids for the team had previously been reported to all be well over a billion. ESPN.com’s Darren Rovell reported that his sources listed Steve Ballmer’s bid as the highest among others from groups led by David Geffen, Tony Ressler and Steve Karsh. Geffen, whose group included Oprah, among others, confirmed to ESPN on Thursday night that his group has formally withdrawn from the bidding.

David Geffen confirms that his group that included Larry Ellison, Oprah & Laurene Jobs has withdrawn from the Clippers bidding. — darren rovell (@darrenrovell) May 30, 2014

ESPN writer Arash Markazi took a lighthearted jab at the competition in the Clippers’ bidding war.

Everyone’s got their group and financing lined up. Steve Ballmer’s just there in the corner with a blank check, waiting.

— Arash Markazi (@ArashMarkazi) May 29, 2014

Considering Ballmer’s net worth is upwards of $20B, it’s sensible that he could so easily stand by with a checkbook whereas other potential suitors would need to pull together their finances to make a collective bid. Fortunately for Ballmer, unlike the groups placing competing bids, he does not have to worry about his money being questioned.

Nice thing about this for the NBA is they’ve vetted Ballmer already. Speeds up the process. — Sean Highkin (@highkin) May 29, 2014

Considering the Sterlings’ track record of mixed signals over the past week or two, we’ll see if this news holds up. If it does, and there is a legally binding contract confirming the Clipper’s sale to Ballmer, the league, its owners and players can all breathe a collective sigh of relief.

 

 

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Michael Brumagin writes the Tweet of the Day for SheridanHoops.com and is also a correspondent for BleacherReport.com. Follow @mbrumagin