HoopsHype Larry Ellison rumors

May 29, 2014 Updates

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. Reuters

April 30, 2014 Updates

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." ESPN.com

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. ESPN.com

October 6, 2013 Updates

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. NESN.com

April 12, 2013 Updates

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 Bee

January 24, 2013 Updates

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. Sacramento Bee

January 21, 2013 Updates
October 4, 2012 Updates

Now we know why Larry Ellison needs $4 billion in loans and credit. The Oracle (ORCL) CEO revealed the mystery behind the $4.2 billion worth of stock that he pledged as collateral for loans and credit lines, in an exclusive interview today with Maria Bartiromo on "Closing Bell." He doesn't owe $4 billion, he said. He doesn't even owe $1 billion. The stock was for a multi-billion-dollar credit line that he could use if he "went shopping." "I've got a line of credit just in case I go shopping and something catches my eye," he said. Yahoo! Finance

June 11, 2012 Updates

Heisley had had discussions last year with billionaire Larry Ellison, who has been looking to buy an NBA team. But the discussions stalled when Ellison made clear his desire to move the Grizzlies to California. "We were not interested in getting involved in a relocation discussion," Heisley said Monday. "Mr. Ellison chose to go to the paper in San Jose, or one of his people did, which really did not please me too much." NBA.com

May 21, 2012 Updates

Matt Steinmetz: Larry Ellison walked away from developing Piers 30/32. Indicated regulations were too onerous. Long, long way to go at this location. Twitter

March 29, 2012 Updates

Grizzlies owner Michael Heisley reiterated today his doubt that the franchise will be sold anytime soon. How can Heisley be so sure? He’s instructed his attorney, Stan Meadows, to stop negotiating with Oracle founder Larry Ellison because of Ellison’s repeated overtures about relocating the team. “We’re not even considering Ellison,” Heisley said. “This team cannot be moved.” Memphis Commercial Appeal

March 19, 2012 Updates

Ellison, the Oracle founder, has made no secret of his desire to buy a team and move it to the San Jose area. He tried, unsuccessfully, to buy the Warriors, tapping out when the price got too rich for even his blood. (By the way, don't get it twisted; it's not that he didn't have the $450 million that Joe Lacob and Peter Guber paid for the team, it's that he didn't think the team was worth that price.) And he acknowledged looking into the Hornets as well. The fact that he's still looking for an NBA team will no doubt make the league happy, and highlights that Heisley is still actively looking for a buyer. Heisley has said time and time again he wants to sell to someone who will keep the team in Memphis, but any talks with Ellison are sure to stir up the agita down south. NBA.com

No one doubts that Ellison has the money -- "if Larry Ellison wants to buy a team, he can buy a team," said a former NBA team executive of the man Forbes Magazine says is the third-richest in the country -- or doubts his intentions. The problem for Ellison -- unlike any of the other prospective buyers, which include a group headed by Grizzlies minority owner Pitt Hyde, the founder of the AutoZone parts company -- is that Memphis protected itself against just such a scenario when FedEx Forum was built in 2004. The city negotiated a series of painful buyouts for any owner seeking to break the lease. The original cost to break the lease was $175 million, according to a source with knowledge of the agreement, but that price has dropped in recent years. NBA.com

March 17, 2012 Updates

Californian Larry Ellison, ranked as the third-richest person in the U.S., has inquired about buying the Memphis Grizzlies with apparent hopes of moving the team to San Jose. But majority team owner Michael Heisley today downplayed the possibility of a sale — and of a relocation, citing a lease that ties the franchise to Memphis and FedExForum until 2021. Memphis Commercial Appeal

“I can’t downplay it enough. If it happens I’ll be surprised,” said Heisley, a Chicago-based billionaire who added that talks had not become serious. “It’s in the initial stages. We’ve handled this just like we’ve handled several other dozen requests. My situation in Memphis has not changed a lick. My preference will always be for somebody in Memphis to buy the team. There’s not any interest in Memphis. But we’ve always made it known that if somebody wants to buy the team, we’ll listen. If they’re real buyers we’ll probably be sellers. So far there hasn’t been anyone willing to buy the team under my terms and for my price.” Memphis Commercial Appeal

Ellison, the Oracle Corp. CEO and one of the richest men in the world, is in advanced talks with Memphis owner Michael Heisley to buy the Grizzlies, according to multiple sources. Two of those sources said it is possible that Ellison and Heisley have a “handshake agreement” on the transaction. CSNBayArea.com

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