Report: Former Microsoft CEO Steve Ballmer signs agreement to buy Clippers for $2B
Immediately after the news broke Thursday evening that former Microsoft CEO Steve Ballmer had an agreement in place to purchase the Los Angeles Clippers for $2 billion, multiple reports suggested there were hurdles left to clear.
That is not the case, at least not at this juncture, according to a report from Ramona Shelburne of ESPN.
In other words, the signed binding agreement btwn the Sterling family trust & Ballmer for $2b does not need another sign-off from Donald.
— Ramona Shelburne (@ramonashelburne) May 30, 2014
The thought previously - and one espoused by Max Blechler, the lawyer for Donald Sterling - was that any sale would require Sterling's signature, something he is yet to provide. The situation is somewhat murky, because Sterling originally gave his wife Shelly Sterling written permission to sell the team but later disavowed the agreement.
However, it is thought that it could just be that the lawyer is playing it safe with public comments, as Sports Illustrated's legal expert Michael McCann explains:
Donald Sterling's lawyer is the last person who will publicly confirm that the Clippers have been sold. If he's wrong, it's malpractice.
— Michael McCann (@McCannSportsLaw) May 30, 2014
Later on Thursday evening, a report surfaced that Donald Sterling has been declared "mentally incapacitated," which makes Shelly Sterling the sole trustee of the Sterling family trust, thus giving her the power to sell the team. You can read more about that here.
Shelburne also reports that the agreement is going directly to the NBA for approval, something the league is expected to expedite, having already begun the vetting process for Balmer in hopes of having the situation settled quickly. What's more, Ballmer has already been vetted recently from when he was a part of the Chris Hansen group that bid to purchase the Sacramento Kings.
A Board of Governors meeting previously scheduled as a hearing for Sterling on June 3 could be pushed back until the vetting process is complete or could now be used as a chance for the league's owners to vote to approve Ballmer.
You can catch up on further details, including more on Ballmer and his $20 billion net worth, in the storyline below.