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NBA record $2 billion offered for Clippers

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  • Center Left
    Independent
    Dallas, TX
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    Ex-Microsoft CEO Steve Ballmer just made an outrageously high bid during the back on forth auction on the NBA's Los Angeles Clippers. $2 Billion! As long as everything goes okay on the legal end and the collective NBA accepts Ballmer's offer, this is a foregone conclusion.

    This will be far and away the most anyone has ever spent on an NBA franchise. The next closest, $550 million for the Milwaukee Bucks. That's almost 4 times less. Considering all the 4 major US sports, $2 Billion will come in 2nd place only to the $2.15 Billion deal that went down when purchasing the LA Dodgers. Looks like Los Angeles is asserting their dominance as the most valuable place in the US to own a sporting franchise. I long thought it was New York. Makes though, I guess.

    http://www.latimes.com/sports/clippers/la-me-sterling-clippers-sale-20140530-st...
  • Other Party
    Nebraska
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    ..."I long thought it was New York."...

    It may STILL be New York. If the Yankees were sold tomorrow, they may fetch an even higher price. Or the Giants, or Knicks.

    There's a difference in "most valuable" and "highest selling price".

    And it may not be such a ..."foregone conclusion"... after all. Sterlings lawyer says he has not agreed to the deal. As long as high priced lawyers are still involved in the process, "it ain't over till it's over".

    I, and the NBA, and just about everyone else hope this is going to get done. The sooner that Sterling is gone and never heard from again, the better.
  • Independent
    Ft.myers, FL
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    jamesn Wrote: ..."I long thought it was New York."...

    It may STILL be New York. If the Yankees were sold tomorrow, they may fetch an even higher price. Or the Giants, or Knicks.

    There's a difference in "most valuable" and "highest selling price".

    And it may not be such a ..."foregone conclusion"... after all. Sterlings lawyer says he has not agreed to the deal. As long as high priced lawyers are still involved in the process, "it ain't over till it's over".

    I, and the NBA, and just about everyone else hope this is going to get done. The sooner that Sterling is gone and never heard from again, the better.
    I put in an offer; it got rejected!! ( my offer was about 2 EURO's) that is what I think it is worth. Sorry this shows again how "money" is the only thing what counts in this culture; Love those Kardachians etc. Sick indeed.
  • Liberal Democrat
    Democrat
    Colorado Springs, CO
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    "Money is the barometer of a society's virtue." -- Ayn Rand

    “[T]he reason I got involved in public service, by and large, if I had to credit one thinker, one person, it would be Ayn Rand." -- Paul Ryan
  • Other Party
    Nebraska
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    Sterling paid 12.5 Million in 1981.

    Sold for 2 Billion in 2014.

    Pretty good return on his investment.

    Anyone think it's NOT about money?

    Just about EVERYTHING is about money.
  • Other Party
    Nebraska
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    And tonight we hear that Sterling says he is suing the NBA for one billion dollars. And speculation is that he may also sue his wife.

    This may not be over yet.
  • Independent
    Ft.myers, FL
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    To the outside world it shows how sick our culture has become; the billionairs are likely bored to death and do not know any longer on how to spent their hoard stasted taxfree in the Caymans. At least there are some decent ones as well, like Suckerberg who gave millions to schools in San Francisco.
  • Center Left
    Independent
    Central, FL
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    16,500 % profit from the original 12 million dollar investment. Not bad. The big factor is the cable television deal. It expires in about 18 months. Then it's expected to raise from 20+ million to around 200 million per year.
  • Other Party
    Nebraska
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    Dutch they were talking on ESPN about how many billionaires there are and I think they said there are more than 1,600 of them.

    Many of them live a low profile life, but some want attention, and owning a pro sports team is one way to get attention.

    If Sterling did not own the Clippers, he would not be nearly as famous or get all the attention. That's what he wants...attention. If he didn't own the Clippers, he's just be another unknown billionaire and L.A. probably has several of them.

    There are good billionaires and bad billionaires just like any other class of people.

    Tony just before last season the Clippers were valued at well below a billion, closer to half a billion. This just shows what can happen when rich people bid against other rich people for something they want.

    I hear that the new owner paid way more than they are worth, but he has a net worth of 10 billion, so with "only" 8 billion left in the bank, I think he'll still be OK. In fact I'm sure he'll make it.
  • Center Left
    Independent
    Denton, TX
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    Actually I think Ballmer's net worth is $20 Billion! Either way, an obscene amount of money. He tried and failed to buy the Sacramento Kings. Now, I think he is overstepping a bit with anxiousness and hubris with the $2 billion bid. But hey, when $2B is only 10% of your net worth, I doubt he's even thinking twice. He wanted a NBA basketball team, and now he is about to have one. You know how hard it would be to spend even a billion dollars in one lifetime? One apparently has to buy islands, corporations and national sports franchises to even come close. Or give the money away. I certainly think Ballmer will be a better and more liked owner than Sterling, but it's not like that would be a hard feat.
  • Center Left
    Independent
    Central, FL
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    Yes, I heard 20 B as well. I think it will be a good investment. Supply / Demand - Sure profits
  • Independent
    Ft.myers, FL
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    I just wonder on how much tax these guys pay; even Romney admitted he had parked his money in the Caymans; how about these guys?
    I bet you, they pay a lot less percentage wise than us.
  • Center Left
    Independent
    Central, FL
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    Income tax....... probably almost nothing. The wealthy "Keep" their money. However, capital gains taxes will be north of 600 million. Not bad though to start at 12 million and to end at 1.4 billion.

    By the way, (jamesn) I believe NY could surpass the LA numbers in either football, basketball, or baseball.
  • Other Party
    Nebraska
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    Tony yes ..."The wealthy "Keep" their money."... they always have and always will do all they can to keep as much as they can. That's just human nature.

    The important thing is that they OWN enough of our politicians to make it happen.

    A tax deduction here, a tax loophole there, a new law...whatever it takes.

    New York sports teams could definitely be more valuable. An opinion today said that if the Clippers are worth 2 billion, then the New York Yankees could be worth 4-5 billion.

    We won't know until there's a sale of one of the New York teams.
  • Center Left
    Independent
    Central, FL
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    The potential big story is would this guy relocate the team to Seattle ? Only time will tell. NBA owners vote tomorrow on the idea of removing Sterling from ownership. I'm very interested to see if the vote results will be public...... I think this (moving to SEA) would hurt the "Team value" when instead it's the market value. Team value equals marketing opportunities. How much can you sell television and radio commercials for. I believe the demographics equal the high value.