The $2 billion sale of the Los Angeles Clippers includes clauses to maintain a novel arrangement for Shelly Sterling to maintain a role with the franchise, and a major charity donation, it was reported earlier this week.
Citing sources close to the deal, the Los Angeles Times reported that Shelly Sterling will become “owner emeritus” of the team and give her control of some seats and coveted parking passes at Staples Center. She is also expected to become “co-executive director” of the team, The Times reported.
Microsoft billionaire Steve Ballmer referred to her as “owner emeritus” last week when his bid to buy the Clippers was announced.
The newspaper also reported today that several bidders were interviewed “speed-dating” style by Shelly Sterling, before the express deal was finalized. Ballmer, with about $20 billion to his name, paid cash for the team and has promised to keep it in L.A.
Donald Sterling was reportedly ruled by doctors to be mentally unable to manage the Sterling Family Trust, which owns the team, and his wife of 58 years took control of his half of the trust.
He has reportedly not signed off on the deal with Ballmer and the NBA, and has asked that a $2.5 million fine and lifetime ban from the NBA be lifted as a precondition.
The new foundation will be managed by the Clippers organization, and will thus apparently be separate from the Donald Sterling Foundation. That trust had run newspaper advertisements for years touting its charitable work, but many of the agencies mentioned later said they got very little.
