Larry Ellison Rumors
The co-founder of investment bank Guggenheim Partners and its president are helping billionaire media executive David Geffen put together a group to bid on the Los Angeles Clippers professional basketball team. Guggenheim said in a statement on Wednesday that co-founder and Chief Executive Officer Mark Walter and President Todd Boehly are joining Geffen’s existing group of bidders, which includes television icon Oprah Winfrey and Oracle Chief Executive Officer Larry Ellison. Among competing bidders are former Microsoft Chief Executive Officer Steve Ballmer and billionaire Anthony Ressler.
Winfrey’s spokesperson, Nicole Nichols, issued a statement later Wednesday, confirming Geffen’s claim. “Oprah Winfrey is in discussions with David Geffen and Larry Ellison to make a bid for the Los Angeles Clippers should the team become available,” Nichols said in the statement.
Geffen said he and Ellison would run the team, while Winfrey would be an investor. “Oprah is not interested in running the team,” Geffen told Schaap. “She thinks it would be a great thing for an important black American to own [another] franchise. The team deserves a better group of owners who want to win. Larry would sooner die than fail. I would sooner die than fail. Larry’s a sportsman. We’ve talked about this for a long time. Between the three of us, we have a good shot.”
Oprah Winfrey is considering teaming with David Geffen and Larry Ellison to make a bid to buy the Los Angeles Clippers if the NBA board of governors votes to force Donald Sterling to sell the team, sources told ESPN. Geffen, a music and film mogul with a net worth that Forbes estimates at $6.2 billion, reportedly tried to buy at least a controlling stake in the Clippers in 2010 but was rebuffed by Sterling. Ellison, the CEO of Oracle, a business software and technology company, has attempted to purchase several sports teams in recent years.
From the sounds of it, the big, geeky glasses Iguodala wears aren’t just for looks, unlike some of his NBA brethren. He says he has gone to seminars about investing and how to run a team, and hopes to own an NBA and a WNBA franchise. He plans to pick the brain of Warriors owner and successful venture capitalist Joe Lacob, and calls himself the “biggest fan” of Larry Ellison, the CEO of Oracle Corp., based in Santa Clara, Calif. He interned at Bank of America Merrill Lynch during the lockout two years ago.
The duration of the process – coupled with the fluidity of the Sacramento group that includes Vivek Ranadive, Mark Mastrov, Paul Jacobs and Mark Friedman that has yet to deliver a formal bid – prompted the Maloofs on Wednesday to leak the ultimatum about today’s deadline. On Thursday, the sources said: • An agreement that keeps the Kings in Sacramento must include reimbursement to Hansen for his $30 million nonrefundable deposit. • Before being completely surprised by the size of the Hansen/Ballmer offer, the Maloofs had rejected overtures from Ron Burkle and Larry Ellison. Ellison would have attempted to relocate the Kings to San Jose.
Sacramento Kings minority owner Bob Cook told The Sacramento Bee today that he has asked a Bay Area sports attorney to broker a meeting between Larry Ellison, the third-richest man in America, and Sacramento Mayor Kevin Johnson in hopes of helping Johnson’s effort to find a buyer willing to keep the Sacramento Kings in town. Cook, part of the original group that brought the NBA team to Sacramento, told The Bee today he stepped back after making an initial phone call Monday to an associate who knows Ellison, but said he believes a meeting will occur toward the end of this week.