Bisciotti Defends Ravens' Integrity Braves Oust Frank Wren After Seven Seasons Karmanos Seeking Hurricanes Buyer NBA, NHL Execs Address Domestic Violence Rules Attendance Up For Playoff-Bound Nats, O's Roberts Begins Tenure As NBPA Leader MLS Atlanta Getting Early Start Chivas USA's MLS Hiatus Imminent? NHL Franchise Notes Ravens Refute Report Of Ray Rice Coverup
Upcoming Conferences and Events
SBD/July 22, 2014/Franchises
Sterling Meets With Ballmer As CFO Says Family Needs Clippers Sale To Cover Debts
Published July 22, 2014
DEBT COLLECTION: USA TODAY's David Leon Moore notes only "one witness took the stand" yesterday, Sterling Family CFO Darren Schield, who "manages the day-to-day affairs of Donald and Shelly Sterling's multibillion-dollar real estate empire." Schield testified that when Donald Sterling "revoked the Sterling Family Trust on June 9, a move Donald hoped would block the sale, he triggered a process that could result in a default of nearly" $500M the Sterlings owe to three banks. Schield said that the "only way to pay off the loans would be to sell a major portion of the Sterlings' property" (USA TODAY, 7/22). Schield said that the family trust's "dissolution could trigger a default" on its $250M credit line with Bank of America. He added that if the loan "couldn't be repaid out of the proceeds from selling the Clippers, it would likely be renegotiated at a much higher interest rate" (WSJ.com, 7/21). Schield said that if Sterling "has to dump" $500M worth of apartment buildings "he could destabilize the Los Angeles real estate market" (AP, 7/21).