HoopsHype Shelly Sterling rumors

August 12, 2014 Updates

The NBA filed a counterclaim against Donald Sterling and the Sterling Family Trust in federal court Monday, saying the Clippers owner caused “devastating and incalculable harm” to the league. Filed in U.S. District Court in Los Angeles in response to Sterling’s June antitrust lawsuit against the NBA and Commissioner Adam Silver, the counterclaim seeks to recover damages related to the owner’s recorded comments denigrating blacks. Sterling must indemnify the NBA against losses and litigation according to the league’s constitution and a July 2005 document he signed, the counterclaim said. Shelly Sterling also signed an agreement in May to indemnify the NBA for any litigation costs related to her husband’s lifetime ban from the league, his $2.5-million fine and the franchise’s sale. Los Angeles Times

August 3, 2014 Updates

Michael Selsman, a friend since 1962, recalled taking a proposal to Sterling. "Barney's is offering $15 million," Selsman remembered saying of the department store's bid to buy the building. "And he said, 'What would I do with another $15 million?.... Too much trouble. Tell them to forget it.'" Selsman said that was Sterling's standard response: "He was famous for saying, 'I buy. I never sell.'" Sterling's real estate acumen contrasts with reports by two doctors retained by Shelly Sterling in May. They claimed her husband is no longer competent to manage his business affairs, that he couldn't draw a clock or spell "world" backward and is in the early stages of Alzheimer's disease. That precipitated his removal as a trustee for the Sterling Family Trust, which owns the Clippers, and allowed his wife's rushed agreement to sell the team to Ballmer. Los Angeles Times

July 30, 2014 Updates
July 28, 2014 Updates

Shelly Sterling -- and the Los Angeles Clippers -- scored a clean sweep over Donald Sterling on Monday when a California judge issued a preliminary ruling that paves the way for the $2 billion sale of the team. Judge Michael Levanas handed down an "oral tentative statement decision" that affirmed Shelly Sterling had the authority to reach an agreement in May to sell the team to former Microsoft CEO Steve Ballmer, who has set an Aug. 15 deadline to complete the deal. The judge said he would review objections before issuing a written ruling. USA Today Sports

July 24, 2014 Updates

Drafts of the Los Angeles Clippers' sale bid book show exactly how much Steve Ballmer is willing to overpay for the team. The bid book was entered as an exhibit by Shelly Sterling's lawyers in a trial in California probate court to determine whether she should have the right to sell the team without her husband, Donald. ESPN.com

The book, called "Project Claret" so as not to give away on the cover sheet that these numbers are indeed the financials of the Clippers, reveals that the team is projected to finish the year with $62.3 million in revenues from ticket sales, $25.8 million from its local cable contract and $24.1 million in additional team revenue. The Clippers are also projected to receive $52.7 million on the season in shared national league revenue, according to the document. After taking away player payroll costs, total operating revenue for the 2013-14 season is projected to be $100 million. Valuation multiples are usually based on total revenues, so the $164.9 million before player costs are extracted equals more than 12 times less than the $2 billion sale price. ESPN.com

July 23, 2014 Updates

Testimony in the weeks-long probate trial between Donald Sterling and his estranged wife, Shelly, concluded Wednesday, with closing arguments set for Monday in a case that could help lead to resolution of Shelly's impending $2 billion sale of their Los Angeles Clippers to former Microsoft CEO Steve Ballmer. Donald's side finished presenting its case and did not, as expected, recall Shelly to the stand. USA Today Sports

Instead, Dr. Jeffrey Cummings, an expert on Alzheimer's and dementia, testified on behalf of Donald that he believes the mental evaluations of Donald conducted by two doctors hired by Shelly were improperly done because Shelly was in the room at the time. "I understand there's a stress between Mr. Sterling and Mrs. Sterling," Cummings testified. "The optimal examination would be conducted with no distractions so that the person being examined could, would be able to concentrate fully on the task at hand. USA Today Sports

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