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SBD/June 4, 2014/Franchises
Donald Sterling: Everything Is "The Way It Should Be" Regarding Clippers Sale
Published June 4, 2014
HOW THE SAUSAGE WAS MADE: The HOLLYWOOD REPORTER's Eriq Gardner writes under the header, "Why Steve Ballmer's $2 Billion Deal To Buy The L.A. Clippers Took Only A Week." The Friday before Memorial Day, Rochelle Sterling's lawyers, Bob Baradaran and Pierce O'Donnell, "decided the deal needed to get done quickly." Without a prospectus that "would take six months to prepare, Baradaran entertained dozens of calls from interested parties during the holiday weekend." He said that there were 20 "serious bidders, from Oprah Winfrey and David Geffen to a group out of the Middle East, and all were curious about terms of the team's TV rights deals." The eight "most credible bidders were given not a typical 100-page contract to review but rather a single sheet with an empty box for a dollar figure and a space to list noneconomic demands." Ballmer, who outbid a $1.6B offer from the Winfrey group, "was crowned the winner the day after the May 28 deadline" (HOLLYWOODREPORTER.com, 6/4).