An investment group that includes former NBA star and Los Angeles Clipper Grant Hill has offered to buy the Clippers for $1.2 billion from embattled owner Donald Sterling, Bloomberg News is reporting.
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Bloomberg News is citing an anonymous source that asked not to be identified because the bidding is private.
The bid comes from Ares Management chairman Tony Ressler, Oaktree Capital's Bruce Karsh and Hill, Bloomberg reported. Hill's 18-year NBA career was marred by injuries.
Shelly Sterling, Donald's wife whom he has put in charge of the sale, has set an asking price of $1 billion for the Clippers, who had the third best record in the league, a source with knowledge of the sale process told Bloomberg.
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NBA commissioner Adam Silver had set a June 3 deadline for the sale of the team. That's when the league's owners will convene and vote on Silver's recommendation that the NBA assume control of the team and assume the process of selling it if it is still in the Sterlings' possession, Bloomberg reported. The vote requires 23 owners to approve the forced sale for it to pass.
Another anonymous source told Bloomberg that the Sterlings received five bids, including one from former Microsoft CEO Steve Ballmer, who made a "strong bid" for the team. Ballmer tried to buy the Sacramento Kings before the season with the intention of moving the franchise to Seattle. The NBA forced a sale that kept the Kings in Sacramento.
Ballmer would relocate to Los Angeles and would not attempt to relocate the Clippers to Seattle, the source said.
The sale would bring an end to the nightmarish episode involving Donald Sterling that began when his assistant (or his lover, depending on whose story is to be believed) V. Stiviano recorded a rant of racial remarks by Sterling that found its way to TMZ.
The incident took a huge toll on the Clippers, who were bounced in the Western Conference semifinals in six games to the Oklahoma City Thunder in six games.
What will be the final sale price of the Los Angeles Clippers? Comment below or tell us @SportsWN.
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