Former Microsoft CEO Steve Ballmer offers $1.8 billion for the Los Angeles ClippersWritten by Moin Anjum on May 29, 2014 - 11:37AM @MoinWinBeta
A few days ago, we reported that former CEO of Microsoft Steve Ballmer was in talks with the wife of the owner of NBA's Los Angeles Clippers basketball team. Donald Sterling purchased the team in June, 1981 for $12.5 million. Donald Sterling's wife, Shelly Sterling, has taken the lead in running the sale of the team. Forbes reported today that Ballmer has offered $1.8 billion to acquire the Los Angeles Clippers.
Although, the price can go up since there are more offers on the table - which are in between $1 billion and $2 billion. If Ballmer manages to grab the team in this price, it would be the second highest price ever paid for the ownership of a U.S. pro sports team. Los Angeles Dodgers and its stadium were bought in $2 billion by Guggenheim Baseball Management, the highest price ever paid.
Ballmer is planning on keeping the team in Los Angeles. In a interview conducted by Wall Street Journal, he said "If I get interested in the Clippers, it would be for Los Angeles. I don’t work anymore, so I have more geographic flexibility than I did a year, year-and-a half ago. Moving them anywhere else would be value destructive."
Keeping in mind NBA's LA Clippers don't have a title to their names, do you think $1.8 or $2 billion is a good long term investment? I guess we'll find out.