Connect with us

Hi, what are you looking for?

Jewish Business News

Business

The Donald Sterling saga continues as he attempts to back out of $2 billion Ballmer sale

Sterling has reportedly refused to sign the papers transferring ownership of his beloved Los Angeles Clippers owner to Steve Ballmer after discovering that the NBA will not be revoking the  lifetime ban and the $2.5 million fine imposed upon him.

Please help us out :
Will you offer us a hand? Every gift, regardless of size, fuels our future.
Your critical contribution enables us to maintain our independence from shareholders or wealthy owners, allowing us to keep up reporting without bias. It means we can continue to make Jewish Business News available to everyone.
You can support us for as little as $1 via PayPal at office@jewishbusinessnews.com.
Thank you.

Donald Sterling’s Wife Shelley /

 

Donald Sterling, the Los Angeles Clippers owner is now steadfastly refusing hand over the keys to the Staples Center  to Steve Ballmer, not so long ago Microsoft chief executive.

Not only has sterling pulled the rug out from under the $2 billion sale, negotiated by his wife Shelly Sterling, but also announced that he intends to fervently pursue the $1billion  federal lawsuit against the NBA which he had put on hold.

Sterling’s lawsuit alleges that the NBA was  in violation of his constitutional rights by attempting to oust him from the club, because they based their findings on information gathered from what he claimed to “illegally gathered ” recording, in which  he made belated racist remarks to a girlfriend, which were later publicized, .

According to a statement issued by Donald Sterling’s attorney Maxwell Blecher, the NBA were also guilty of committing a breach of contract by their actions in fining Sterling $2.5 million as well as violating antitrust laws by trying to force a sale.

Even when it was reported that Donald Sterling had agreed to drop his $1 billion lawsuit against the NBA, before the weekend, indications of a change of heart in the offing began to leak on Sunday when league commissioner Adam Silver, in an interview Sterling had yet to formally drop the suit.

Microsoft CEO Steve Ballmer Opens 2012 Consumer Electronics Show

 

Silver’s misgivings were proved to be correct when late on Monday, Maxwell Blecher, release the announcement that his firm have been instructed to prosecute the lawsuit.

Unofficial reports have it that Sterling was under the mistaken impression that the NBA had decided not to censure him for the racist remarks that he was heard clearly making on the now infamous recording.

In a later statement released by Sterkling  himself, the eighty year billionaire businessman explained that, in his opinion, the action taken by Adam Silver and the NBA to impose a $2.5 million fine and ban him for life constitutes a violation of his rights as well as flying in the face of the basic  freedoms that are afforded to all Americans.

Lookers-on in the world of sports as well as those involved in the legal profession both agree that it is unclear how this Sterling’s legal challenge will affect the sale of the Clippers.

Shelly Sterling, Donald’s estranged wife negotiated the sale to Ballmer in her role as the sole trustee of the Sterling family trust,  after a court ruled that her husband was found to have a cognitive impairment.

Unofficial sources say that  neurologists, both from the U.C.L.A. Medical Center is a second opinion from unknown medical facility based in San Fernando Valley concluded that Sterling’s current mental condition to be defined as “cognitively impaired” a condition that Ms. Sterling’s lawyers insist allows her the legal right to sign the contract on behalf of the trust,  without the need for Donald Sterling to countersign.

Maxwell Blecher has since maintained that the medical tests carried out, were only capable of clearly ascertaining  that the 80-year-old businessman had a mind which was in the process of “slowing down.”

Advertisement. Scroll to continue reading.

According to the terms of the deal with Steve Ballmer, in the event that it does go through, at least  Shelly Sterling will be allowed to remain close to the Los Angeles Clippers, as both parties have agreed that  Shelly Sterling would also be awarded the honorary position of “owner emeritus”, bringing with it all of the ownership perks,  such as floor seats, additional seats at games for guest  and parking.

In addition, ten per cent of the transaction, or $200 million, will be set aside  establish  a charitable foundation which Ms. Sterling will be giving responsible for its day to day  running and which she and Steve Ballmer would jointly chair.

The foundation would be established with the goal of helping underprivileged families, battered women, minorities and inner city youths.

Newsletter



Advertisement

You May Also Like

World News

In the 15th Nov 2015 edition of Israel’s good news, the highlights include:   ·         A new Israeli treatment brings hope to relapsed leukemia...

Entertainment

The Movie The Professional is what made Natalie Portman a Lolita.

Travel

After two decades without a rating system in Israel, at the end of 2012 an international tender for hotel rating was published.  Invited to place bids...

VC, Investments

You may not become a millionaire, but there is a lot to learn from George Soros.