Steve Ballmer to Buy the Los Angeles Clippers for $2 Billion

ESPN:

Shelly Sterling announced late Thursday night that she has signed an agreement to sell the Los Angeles Clippers to former Microsoft chief executive Steve Ballmer for $2 billion.

A source close to the situation told ESPN’s Ramona Shelburne that Sterling and Ballmer signed the final papers of the sale shortly before midnight at the offices of her Los Angeles-based attorneys. Sterling announced she was acting under her authority as the sole trustee of the Sterling family trust, which owns the Clippers.

Ballmer’s $2 billion bid beat a $1.6 billion bid from a group with some familiar names:

Geffen’s group also included Oracle CEO Larry Ellison; Oprah Winfrey; Guggenheim executives Todd Boehly and Mark Walter; Steve Jobs’ widow, Laurene Jobs; Steve Wynn’s ex-wife, Elaine Wynn; and Beats by Dre co-founder Jimmy Iovine.

Ballmer should make for a great sports owner. He’s got plenty of money and a passion for winning.

★ Friday, 30 May 2014