Shelly Sterling Completes Sale Of Los Angeles Clippers To Former Microsoft CEO Steve Ballmer
byFarez
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LOS ANGELES, Aug. 12, 2014 /-- On behalf of the Sterling family trust, Shelly Sterling today announced that the record-setting $2 billion sale of the Los Angeles Clippers to former Microsoft CEO Steve Ballmer closed this morning.
The $2 billion deal is not only the
largest price paid for a National Basketball Assn. team, it is the most
paid for any North American professional sports franchise.
"I am thrilled that the Clippers now have such a wonderful new owner," said Shelly Sterling. "I am happy for the team, the fans, the sponsors and the City of Los Angeles."
Shelly Sterling signed the agreement to sell the team to Ballmer on May 29.
She was forced to go to Los Angeles County Probate Court to secure a
court order confirming her authority as sole trustee to sell the team.
That order was issued earlier this morning.
"It has been a privilege and an honor to represent Shelly and her family trust in this historic process," said Pierce O'Donnell,
lead counsel with the Greenberg Glusker law firm. "This victory would
not have been possible without the skill, dedication and professionalism
of my colleagues at Greenberg Glusker."
Added Bob Baradaran, the lead partner
who managed the sale and chairman of Greenburg Glusker: "The firm
dedicated every necessary resource to accomplishing the
record-shattering sale in less than a week."
Even with the sale, Shelly Sterling will retain a connection to the Clippers. Steve Ballmer has graciously agreed to give her the title of "Number One Clippers fan" and "owner emeritus."
"I am confident that Steve will bring the city a championship team in the very near future," said Shelly Sterling. "I cannot wait for the new season to begin."
